Economics of science

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The economics of science aims to understand the impact of science on the advance of technology, to explain the behavior of scientists, and to understand the efficiency or inefficiency of scientific institutions. 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 behavior of scientists and the operation of scientific institutions.[1]

References

  1. Arthur M. Diamond, Jr. (2008). "science, economics of," The New Palgrave Dictionary of Economics, 2nd Edition, Basingstoke and New York: Palgrave Macmillan. Pre-publication cached ccpy.