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The Economics of Science

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  • Paula E. Stephan

Abstract

This essay examines in an interdisciplinary context the contributions that economists have made to the study of science and the types of contributions the profession is positioned to make in the future. Special emphasis is placed on the public nature of knowledge and characteristics of the reward structure that encourage the production and sharing of knowledge. Scientific labor markets are discussed as are life-cycle models. The role that resources play in discovery leads to the conclusion that the human capital model is not up to the task of explaining the career patterns that emerge in science. The essay also discusses the relationship of scientific research to economic growth.

Suggested Citation

  • Paula E. Stephan, 1996. "The Economics of Science," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1199-1235, September.
    • Handle: RePEc:aea:jeclit:v:34:y:1996:i:3:p:1199-1235
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    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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