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How Economics Shapes Science

Published on Jan 15, 2012
Paula E. Stephan36
Estimated H-index: 36
Abstract
The beauty of science may be pure and eternal, but the practice of science costs money. And scientists, being human, respond to incentives and costs, in money and glory. Choosing a research topic, deciding what papers to write and where to publish them, sticking with a familiar area or going into something new--the payoff may be tenure or a job at a highly ranked university or a prestigious award or a bump in salary. The risk may be not getting any of that. At a time when science is seen as an engine of economic growth, Paula Stephan brings a keen understanding of the ongoing cost-benefit calculations made by individuals and institutions as they compete for resources and reputation. She shows how universities offload risks by increasing the percentage of non-tenure-track faculty, requiring tenured faculty to pay salaries from outside grants, and staffing labs with foreign workers on temporary visas. With funding tight, investigators pursue safe projects rather than less fundable ones with uncertain but potentially path-breaking outcomes. Career prospects in science are increasingly dismal for the young because of ever-lengthening apprenticeships, scarcity of permanent academic positions, and the difficulty of getting funded. Vivid, thorough, and bold, How Economics Shapes Science highlights the growing gap between the haves and have-nots--especially the vast imbalance between the biomedical sciences and physics/engineering--and offers a persuasive vision of a more productive, more creative research system that would lead and benefit the world.
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Cited By343
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#1Tara Dickson (UTSW: University of Texas Southwestern Medical Center)
#2Barrett J. Taylor (UNT: University of North Texas)H-Index: 9
#1Caroline S. Wagner (OSU: Ohio State University)H-Index: 18
#2Travis A. Whetsell (FIU: Florida International University)H-Index: 5
Last.Satyam Mukherjee (Indian Institute of Management Udaipur)
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#1Raquel Carrasco (Charles III University of Madrid)H-Index: 14
#2Javier Ruiz-Castillo (Charles III University of Madrid)H-Index: 19
#1Monica Gaughan (ASU: Arizona State University)H-Index: 11
#2Monica Gaughan (ASU: Arizona State University)H-Index: 10
Last.Barry Bozeman (ASU: Arizona State University)H-Index: 54
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#1Ajay Agrawal (U of T: University of Toronto)H-Index: 22
#2John McHale (National University of Ireland, Galway)H-Index: 14
Last.Alexander Oettl (Georgia Institute of Technology)H-Index: 10
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