The Economic Laws of Scientific Research

The economic laws of scientific research / Terence Kealey..
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If, however, individuals are allowed to pursue these ideas with their own resources free from government dictation exercising their entrepreneurial judgment, a system is created whereby the scientists particularly receptive to good ideas are rewarded by profits and those who fail to recognize good ideas are rooted out of the system by suffering losses.

This profit and loss system is absent in government directed research, meaning that the government is not punished for its failures and inefficiencies and thus may be over-allocating money to bad projects.

Ep. 713 Does Scientific Research Require Government Funding and Intervention?

A perfect example of this is the case of the Ministry for International Trade and Industry MITI in Japan that has not only poured vast funds into wasteful projects but has also been strongly opposed to the developments of cars, electronics and cameras which are precisely the areas in which Japan has proven to be the most efficient. Finally, the need to request government grants for research will bring an end to serendipitous discovery and the hobby scientist which have been credited with discoveries such as the synthesis of water from its elements, evolution, and the construction of the Great Reflecting telescope.

The issue of working conditions for scientists is extremely important, as scientific research is a field that requires immense amounts of focus.

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This means that any government-directed and thereby non-individualized working environment will cause impediments to scientific research. However, if government stopped funding science and trying to create a formula for successful scientific research, what would emerge in the free market would be a variety of firms of different sizes conducting research in the manner that is best suited to the nature of the problem thus offering scientists working conditions tailored to the nature of the work they are doing. On the other hand, it is in the nature of any form of government funding to create barriers to entry for new smaller firms.

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This means that the firms that will remain in the market will be the few large firms able to obtain government grants. It is this absence of diversity in working environments that renders a lot of scientists unproductive as they are unable to work under the current system and have no other options. The existence of government conducted research will create a large barrier to entry for small scale untrained researchers.

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The Economic Laws of Scientific Research [Terence Kealey] on ykoketomel.ml * FREE* shipping on qualifying offers. 'Dr Kealey's brave, entertaining and learned . 'Dr Kealey's brave, entertaining and learned book makes a powerful case for his unpopular views. It must give pause to any open-minded student of science.

The fact that the only way to obtain funds and be able to assemble a team in order to conduct experiments will be exclusively through the government, will exacerbate the shortage and discourage people even more from becoming scientists. If the sole or primary employer is the government, this will lead to an increased difficulty to obtain a job as a scientist. This is because the government has to set a budget that is not flexible enough to change with market conditions.

As a result instead of quality rationing, which will be the method of the free market, they will have to engage in quantity rationing. The high likelihood of unemployment coupled with the inevitably low government wages will cause fewer people to want to become scientists. People who are only interested in specific fields that the government underfunds will have a disincentive to put their own funds in their projects and compete with the government funded companies.

Terence Kealey

This will mean that smaller scale projects enabled by the free entry into the sector are less likely to occur. These innovators will instead be pushed to overcrowded mainstream lines of research that receive large government grants instead. Another issue related to working conditions is the issue of the type of competition emerging between scientists under a government funded system.

Under laissez-faire the expenditure on science is determined by the marketability and projected significance of a project.

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Under a government funded system where there is a limited budget, a government may be offered great projects and only be able to fund Thus the emerging type of competition is not competition to create ideas but essentially competition to sabotage those who potentially have better ideas than you. Furthermore, government research frequently gets caught up in existing research initiatives and tries to find applications for them even if these applications are not of any great importance.

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Skickas inom vardagar. It must give pause to any open-minded student of science policy. Matthews 'Not since J. Be the first to write a review About this product. People who bought this also bought.

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Volume 26, Number 4 October 1997

This explains why the British achieved the Industrial Revolution based on the tinkering of artisans while France stagnated despite her investment in higher education and research. Write a Review. Javascript is not enabled in your browser. Toricelli was trying to improve the pump when he demonstrated the weight of air in the atmosphere. The Italian states were eventually invaded from all sides and the area of innovation shifted to Holland and England. He was an optimist? The detail that he provided under each of these heading is fascinating but it is not necessary to spell it all out, merely to insist that private funding was up to the task of allocating resources in ways that were cost-effective from a commercial point of view and also allowed for fundamental research.

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