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FROM MARKET MAGIC TO CALYPSO SCIENCE POLICY A Review of Terence Kealey's The Economic Laws of Scientific Research

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  • Paul A. David

    (All Souls College, Oxford & Stanford University)

Abstract

The current reconsideration of public research funding policies in the U.S., and U.K. and other industrialized economies makes it important that policy makers and the public understand the valid economic grounds for government support of science. This review article of a book that which argues for the ending of all government support of non-military R&D, provides an occasion to take stock of what is known about the subject. The review concludes that the extreme laissez-faire science policy arguments adroitly advanced by Terrance Kealey's book are analytically without foundation, and are based upon distortions and misinterpretations of the evidence of economic history, as well as on the misuse of econometric methods. The problem is that Mr. Kealey is an engaging writer and there still is in some policy circles an audience for his message, hence to undo the damage will call for concerted and persistent efforts on the part of economists specializing in the economics of science and technology.

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File URL: http://128.118.178.162/eps/dev/papers/0502/0502013.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Development and Comp Systems with number 0502013.

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Length: 48 pages
Date of creation: 11 Feb 2005
Date of revision:
Handle: RePEc:wpa:wuwpdc:0502013

Note: Type of Document - pdf; pages: 48
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Web page: http://128.118.178.162

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Cited by:
  1. Salter, Ammon J. & Martin, Ben R., 2001. "The economic benefits of publicly funded basic research: a critical review," Research Policy, Elsevier, Elsevier, vol. 30(3), pages 509-532, March.
  2. David, P.A. & Hall, B.H., 1999. "Heart of Darkness: Public-Private Interaction Inside the R&D Black Box," Economics Papers 1999-w16, Economics Group, Nuffield College, University of Oxford.
  3. Andreas Fier & Dietmar Harhoff, 2002. "Die Evolution der bundesdeutschen Forschungs- und Technologiepolitik: Rückblick und Bestandsaufnahme," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, Verein für Socialpolitik, vol. 3(3), pages 279-301, 08.
  4. David, Paul A. & Hall, Bronwyn H., 2000. "Heart of Darkness: Modeling Public-Private Funding Interactions Inside the R&D Black Box," Department of Economics, Working Paper Series, Department of Economics, Institute for Business and Economic Research, UC Berkeley qt5g29w0xq, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  5. Giovanni Dosi & Patrick Llerena & Mauro Sylos Labini, 2005. "Science-Technology-Industry Links and the ”European Paradox”: Some Notes on the Dynamics of Scientific and Technological Research in Europe," LEM Papers Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy 2005/02, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  6. Robin Cowan & Paul A. David & Dominique Foray, 1999. "The Explicit Economics of Knowledge Codification and Tacitness," Working Papers, Stanford University, Department of Economics 99027, Stanford University, Department of Economics.
  7. Nicola Lacetera, 2003. "Incentives and spillovers in R&D activities: an agency-theoretic analysis of industry-university relations," Microeconomics, EconWPA 0312004, EconWPA.
  8. Nightingale, Paul, 1998. "A cognitive model of innovation," Research Policy, Elsevier, Elsevier, vol. 27(7), pages 689-709, November.
  9. Pavitt, Keith, 1998. "The social shaping of the national science base," Research Policy, Elsevier, Elsevier, vol. 27(8), pages 793-805, December.
  10. Heidrun C. Hoppe & Wilhelm Pfähler, 2001. "Oekonomie der Grundlagenforschung und Wissenschaftspolitik," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, Verein für Socialpolitik, vol. 2(2), pages 125-144, 05.
  11. Antonelli, Cristiano, 2003. "The Governance of Localized Technological Knowledge and the Evolution of Intellectual Property Rights," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200301, University of Turin.
  12. Antonelli, Cristiano, 2002. "The Governance of Knowledge Commons," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200203, University of Turin.

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