“Whoa! It’s like Spotify but for academic articles.”

Instant Access to Thousands of Journals for just $40/month

Book Reviews : The Economic Laws of Scientific Research Terence Kealey, St. Martin's Press, New York, 1996 ISBN: 0-312-17306-7, $19.95, 382 pages

215 Book ReviewsThe Economic Laws of Scientific Research Terence Kealey, St. Martin's Press, New York, 1996 ISBN: 0-312-17306-7, $19.95, 382 pages SAGE Publications, Inc.1997DOI: 10.1177/027046769701700451 Allan Walstad University of Pittsburgh at Johnstown Johnstown, PA 15904 Email: awalstad@upj.pitt.edu Economic growth depends on technological innovation, which depends in turn on scientific research. Because there is insufficient incentive for private firms and individuals to support science, laissez faire would produce too little of it, with the result that economic growth would be stunted. Thus, government must take responsibility for funding science. So goes an argument that has been made by scientists and science advocates since Francis Bacon. But is it valid? After all, wealthy industrialized countries (Western Europe, English-speaking former British colonies, Japan) became wealthy before their governments spent much on science, while poor countries (most notably the USSR) that lavished funding on science did not thereby get rich. One is entitled, therefore, to at lease some doubt regarding the economic case for government funding. Terence Kealey, a biochemist at Cambridge University, seeks to discredit that case entirely in The Economic Laws of Scientific Research. According to Kealey, technological innovation can stimulate economic growth, but the essential ingredient in that process http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Bulletin of Science, Technology & Society SAGE

Book Reviews : The Economic Laws of Scientific Research Terence Kealey, St. Martin's Press, New York, 1996 ISBN: 0-312-17306-7, $19.95, 382 pages

Abstract

215 Book ReviewsThe Economic Laws of Scientific Research Terence Kealey, St. Martin's Press, New York, 1996 ISBN: 0-312-17306-7, $19.95, 382 pages SAGE Publications, Inc.1997DOI: 10.1177/027046769701700451 Allan Walstad University of Pittsburgh at Johnstown Johnstown, PA 15904 Email: awalstad@upj.pitt.edu Economic growth depends on technological innovation, which depends in turn on scientific research. Because there is insufficient incentive for private firms and individuals to support science, laissez faire would produce too little of it, with the result that economic growth would be stunted. Thus, government must take responsibility for funding science. So goes an argument that has been made by scientists and science advocates since Francis Bacon. But is it valid? After all, wealthy industrialized countries (Western Europe, English-speaking former British colonies, Japan) became wealthy before their governments spent much on science, while poor countries (most notably the USSR) that lavished funding on science did not thereby get rich. One is entitled, therefore, to at lease some doubt regarding the economic case for government funding. Terence Kealey, a biochemist at Cambridge University, seeks to discredit that case entirely in The Economic Laws of Scientific Research. According to Kealey, technological innovation can stimulate economic growth, but the essential ingredient in that process
Loading next page...
 
/lp/sage/book-reviews-the-economic-laws-of-scientific-research-terence-kealey-JsxuW0bAg5

Sorry, we don’t have permission to share this article on DeepDyve,
but here are related articles that you can start reading right now:

Explore the DeepDyve Library

How DeepDyve Works

Spend time researching, not time worrying you’re buying articles that might not be useful.

Unlimited reading

Read as many articles as you need. Full articles with original layout, charts and figures. Read online, from anywhere.

Stay up to date

Keep up with your field with Personalized Recommendations and Follow Journals to get automatic updates.

Organize your research

It’s easy to organize your research with our built-in tools.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from Springer, Elsevier, Nature, IEEE, Wiley-Blackwell and more.

All the latest content is available, no embargo periods.

See the journals in your area

Simple and Affordable Pricing

14-day free trial. Cancel anytime, with a 30-day money-back guarantee.

Monthly Plan

  • Read unlimited articles
  • Personalized recommendations
  • Print 20 pages per month
  • 20% off on PDF purchases
  • Organize your research
  • Get updates on your journals and topic searches

$40/month

Best Deal — 25% off

Annual Plan

  • All the features of the Professional Plan, but for 25% off!
  • For the normal price of 10 articles elsewhere, you get one full year of unlimited access to articles.

$30/month
billed annually