FROM MARKET MAGIC TO CALYPSO SCIENCE POLICY A Review of Terence Kealey's The Economic Laws of Scientific Research
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.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Sokoloff, Kenneth L., 1988.
"Inventive Activity in Early Industrial America: Evidence From Patent Records, 1790–1846,"
The Journal of Economic History,
Cambridge University Press, vol. 48(04), pages 813-850, December.
- Kenneth L. Sokoloff, 1988. "Inventive Activity in Early Industrial America: Evidence From Patent Records, 1790-1846," UCLA Economics Working Papers 499, UCLA Department of Economics.
- Kenneth L. Sokoloff, 1988. "Inventive Activity in Early Industrial America: Evidence From Patent Records, 1790 - 1846," NBER Working Papers 2707, National Bureau of Economic Research, Inc.
- N. F. R. Crafts & C. K. Harley, 1992. "Output growth and the British industrial revolution: a restatement of the Crafts-Harley view," Economic History Review, Economic History Society, vol. 45(4), pages 703-730, November.
- Aldo Geuna, 1997. "Allocation of Funds and Research Output : the Case of UK Universities," Revue d'Économie Industrielle, Programme National Persée, vol. 79(1), pages 143-162.
- Geuna Aldo, 1997. "Allocation of funds and research output : the case of UK universities," Research Memorandum 002, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
- Stephan, Paula E., 2010. "The Economics of Science," Handbook of the Economics of Innovation, Elsevier.
- Paula E. Stephan, 1996. "The Economics of Science," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1199-1235, September.
- Partha, Dasgupta & David, Paul A., 1994. "Toward a new economics of science," Research Policy, Elsevier, vol. 23(5), pages 487-521, September.
- Abramovitz, Moses & David, Paul A, 1973. "Reinterpreting Economic Growth: Parables and Realities," American Economic Review, American Economic Association, vol. 63(2), pages 428-439, May.
- Abramovitz, Moses, 1993. "The Search for the Sources of Growth: Areas of Ignorance, Old and New," The Journal of Economic History, Cambridge University Press, vol. 53(02), pages 217-243, June. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpdc:0502013. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA)
If references are entirely missing, you can add them using this form.