Invisible colleges, private patronage and commercial profits versus public goods, government funding and 'crowding-out': Terence Kealey on the motivations and incentives driving science.
What kind of a thing is science and how does it work? [Kealey T. Sex, science and profits: In a recent book (Sex, science and profits: how people evolved to make money. London: William Heinemann; 2008) (p. 455)] Terence Kealey argues persuasively that the motivations driving science are widely misunderstood. Science is often assumed to be useful to the public but an economic loser for the scientist and his or her paymasters - in other words, science is supposed to be a 'public good'. The public good argument is used to support large-scale government funding of science, on the basis that if government does not fund science it will not be funded adequately. But Kealey argues that most science is profitable to commercial organizations, and other types of worthwhile science will be supported by private patronage. Yet excessive government funding tends to 'crowd-out' potential private sources of funding - both by replacing and by deterring private investment. And scientists are not primarily motivated by money, but instead by striving for status within the 'invisible college' of active researchers in their field. Kealey's take-home message is that overall and in the long-term, science neither requires nor benefits from government funding. Scientific research would be better-served by private funding from commercial organizations that are seeking profit, combined with patronage from charities and foundations that regard science as intrinsically valuable.
Charlton
Bruce G
BG
D030861:Capitalism; D005380:Financing, Government; D011057:Politics; D012109:Research Support as Topic; D012586:Science / Q000191:economics*