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The Economics of Science

In: Handbook of the Economics of Innovation

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  • Stephan, Paula E.

Abstract

This chapter examines 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. The role that cognitive and noncognitive resources play in discovery is discussed as well as the costs of resources used in research. Different models for the funding of research are presented. The chapter also discusses scientific labor markets and the extreme difficulty encountered in forecasting the demand for and supply of scientists. The chapter closes with a discussion of the relationship of scientific research to economic growth and suggestions for future research.

Suggested Citation

  • Stephan, Paula E., 2010. "The Economics of Science," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 1, chapter 0, pages 217-273, Elsevier.
    • Handle: RePEc:eee:haechp:v1_217
    DOI: 10.1016/S0169-7218(10)01005-1
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    More about this item

    Keywords

    economics of science; knowledge production; patenting; priority; publishing; research;
    All these keywords.

    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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