The Economic Laws of Scientific Research

Kealey, Terence
Date published: 
May 1996

'Fun, amusing and provocative.' - Michael Posner, Nature'Oh my, what a book! A tour de force, important and a great read. Profoundly pertinent.' - Larry Owens, Science'One of the most appetising and sustained polemics ever concocted on a serious topic. You will enjoy this book even if the proper funding of science is a matter of utter indifference to you. This is a brilliant book.' - Economist'This is one of the most intelligent, trend-changing and courageous books I have ever read.' - Matt Ridley, Daily Telegraph'Terence Kealey is a biochemist from Cambridge who nailed his colours to the mast of laizzer faire economics some time ago. It's a fine position. He is a scientist who can write.' - Guardian'Dr Kealey is a master of history. His book is not only remarkable but courageous. It is the first book by a practising scientist to challenge the orthodoxy for decades and should be read by those who are involved in science or who merely wish to promote it.' - Roger Bate, Wall Street Journal Europe'The Economic Laws of Scientific Research is a forceful, wide ranging and erudite critique of public policy towards science. Any one who reads it will be engaged and absorbed until the last page by the author's fluid exposition, his incisive observations on the folly of government funding of scientific research, and his wry humour - Kealey gets off some of the best one-liners in the contemporary scholarly literature. Faultless phraseology.' - William F. Shughart II, Managerial and Decision Economics'Seductive.' - Professor Denis Noble FRS, The Oxford Magazine'Timely.' - Professor Paul David FBA, Research Policy'You should read this book.' - Jonathon Smith, SIAM News'Kealey's book hits the sacred cow dead-on.' - Fred Hapgood, Wired'A compelling and highly readable book that deserves to be widely debated.' - John Staddon, Reason'Fun.' - David Warsh, Boston Globe'Bracing, challenging, iconoclastic, almost giddily provocative. Kealey's conclusions are inescapable.' - Michael Schrage, Across the Board 'Dr Kealey's brave, entertaining and learned book makes a powerful case for his unpopular views. It must give pause to any open-minded student of science policy.' - R.C.O. Matthews 'Not since J.D. Bernal has a practising British scientist challenged conventional arguments about the funding of science so originally, and so powerfully.' - David Edgerton, Imperial College Does government funding of science promote economic and cultural growth? This burning question has come to dominate political and academic thought. The evidence seems mixed: Japan flourishes economically neglecting science while the USSR and India who actively promoted government-funded science have declined. The purpose of this book is to assess the myth that government-funded science works economically. Supported by historical argument and international contemporary comparison, Terence Kealey argues that the free market approach rather that of state funding has proved by far the most successful in stimulating science and innovation.