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Combining Behavioral Endocrinology and Experimental Economics: Testosterone and Social Decision Making

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Economics. Does science drive the productivity train?

Science (New York, N.Y.)

|September 9, 2000

Summary

Science funding is debated as crucial for economic growth, but some question its impact compared to past innovations. Over-reliance on economic arguments for research may lead to legislative control over funding priorities.

Area of Science:

Economics
Science Policy
Technological Innovation

Background:

The current economic boom is often attributed to scientific advancement and increased research budgets.
Skeptics argue that the information technology revolution's economic contribution is overstated compared to historical innovations like electricity or the telephone.

Discussion:

The abstract discusses the dual perspective on science's economic role: a driver of growth versus an overrated contributor.
It highlights concerns that linking basic research too closely to economic arguments could invite legislative interference.
The potential for legislators to direct funding towards perceived 'safer' projects with guaranteed returns is a key point of discussion.

Key Insights:

There is a prevailing view that science fuels economic prosperity, necessitating larger research budgets.

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A counterargument suggests that recent technological revolutions may not match the economic impact of past foundational innovations.

Concerns exist about the potential negative consequences of prioritizing economic justifications for scientific funding.

Outlook:

Future research funding may be influenced by economic performance metrics and legislative priorities.
The debate underscores the need for a balanced approach to funding basic research and its societal impact.
Navigating the relationship between scientific advancement, economic growth, and policy-making remains a critical challenge.