The Economics of Science Methodology and Epistemology as if Economics Really Mattered 1st Edition by James R Wible ISBN 0415172578 9780415172578
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ISBN 10: 0415172578
ISBN 13: 9780415172578
Author: James R Wible
The Economics of Science: Methodology and Epistemology as if Economics Really Mattered by James R. Wible offers a groundbreaking and interdisciplinary examination of how economic principles and reasoning can profoundly illuminate the nature, progress, and practice of science itself. Challenging traditional views that treat science purely as a pursuit of truth or knowledge divorced from economic considerations, Wible’s work integrates insights from economics, philosophy of science, and epistemology to argue that the incentives, costs, benefits, and market-like dynamics within scientific communities shape not only which theories gain acceptance but also how scientific knowledge evolves over time. Through rigorous analysis, the book explores how scientists’ decisions, driven by reputation, funding, competition, and collaboration, influence methodology and the growth of knowledge in ways that classical epistemology often overlooks. Wible’s approach emphasizes that understanding science as an economic process—where resources are scarce, choices must be made, and outcomes are uncertain—provides a more realistic and practical framework for interpreting scientific progress, methodological debates, and the role of experimentation and theory change. The book also delves into the implications of this perspective for science policy, the design of institutions, and the evaluation of scientific claims, ultimately offering readers a novel lens to rethink how science works in practice, and how it might be improved by recognizing and harnessing its inherent economic dimensions.
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