The economics of science, and the sociology and the economics of scientific knowledge - The economics of Scientific Knowledge (ESK)

7 important questions on The economics of science, and the sociology and the economics of scientific knowledge - The economics of Scientific Knowledge (ESK)

How does the ESK differ from the ES?

The ESK follows the path of the SSK. It assumes that one must understand the preconditions of science (in terms of public funding), and that the content of science itself must be understood as the result of pusruiing individual economic interest

What are incentives in an open science system? Dasgupta and David

Dasgupta and David proposed the idea that science is a specific form of social organization characterized by its ability to produce reliable knowledge and that the univesities and public institutions dedicated to science are padigmatic.

What is Open science system?

Scientific results are quickly and readily abailable to all interested parties (who can check them and test them)
  • Higher grades + faster learning
  • Never study anything twice
  • 100% sure, 100% understanding
Discover Study Smart

About what crucial feature did David and Dasgupta argue?

Based on the communist principle of Merton, they argued that a crucial feature of this form of social organization was that it ensured that scientifc results were quickly and easily available to people.

How did David and Dasgupta differ from the ES?

The way they characterized the behaviour of individual scientists by pursuing their own interests in the "open science" system
- Rewards depend on the discovery. Credits are only given to reliable and complete ones.

What is the effect of the division of cognitive labour? Philip Kitcher

Another ESK analyst that introduced an open view of the processes and institutions of society.

A socially optimal division of cognitive labour maximizes the ratio of "true justified beliefs" in the total number of beliefs. The aim is to increase the ratio
- Scientists have incentives to specialize but also to coordinate
- Science is socially organized

How can we see the ESK in the financial crisis of 2008?

Economics was trapped in a sub-optimal equilibrium (not in favour of society), dominance of a bad paradigm.

The over-reliance on a single model used without judgement is a serious problem that is built into the institutional structure of academia that produces economic researchers

The question on the page originate from the summary of the following study material:

  • A unique study and practice tool
  • Never study anything twice again
  • Get the grades you hope for
  • 100% sure, 100% understanding
Remember faster, study better. Scientifically proven.
Trustpilot Logo