• Table of Contents
    • Abstract
    • Keywords
    • Article
      • Impact of science on technology, productivity, and growth
      • Deep understanding of science
      • The market for science and scientists
      • Efficiency and reform of scientific institutions
    • See Also
    • Bibliography
    • How to cite this article

science, economics of

Arthur M. Diamond, Jr.
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

The importance of the economics of science is substantially due to the importance of science as a driver of technology, and technology as a driver of productivity and growth. Believing that science matters, economists have attempted to understand the behaviour of scientists and the operation of scientific institutions. One goal is to see how far science can be understood as a market, and how far the market for science and scientists can be understood as efficient. When inefficiency is found, a related goal is to propose changes in resource levels or incentives, to increase the speed of scientific advance.
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Keywords

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Article

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How to cite this article

Diamond, Arthur M., Jr. "science, economics of." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 25 October 2014 <http://www.dictionaryofeconomics.com/article?id=pde2008_E000222> doi:10.1057/9780230226203.1491

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