Making a Market for Scientific Research

Scientific advances are the fundamental cause of economic progress, and yet many nations often apparently hope to piggyback on discoveries made in more scientifically-advanced countries. This is the most practical and efficient strategy in the early stages of development. But, to reach the advanced stages of economic growth, a country needs scientific research at home.

Every government tries to encourage scientific research through education in science. But education by itself is of only limited use here. After all, science is a form of enterprise, requiring a sophisticated organization of resources and workers, an adventuresome attitude, and a willingness to take risks for possibly great rewards.

Normally, the market fosters the advance of entrepreneurial endeavors. Were such a market for science to exist, scientists would form enterprises, just like businesses, the best of which would succeed, while others would fail. The problem is that basic scientific research is mostly a public good that cannot be withheld from those who use it and which seeps into the body of scientific know-how in unanticipated ways.

To continue reading, please log in or enter your email address.

To access our archive, please log in or register now and read two articles from our archive every month for free. For unlimited access to our archive, as well as to the unrivaled analysis of PS On Point, subscribe now.

required

By proceeding, you agree to our Terms of Service and Privacy Policy, which describes the personal data we collect and how we use it.

Log in

http://prosyn.org/LNVwdqi;

Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated cookie policy and privacy policy.