The Economic Laws of Scientific Research
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Written by Terence Kealey, this book presents a provocative and extensively researched argument that scientific progress flourishes under private and market-driven funding rather than government subsidy. It draws on historical evidence and economic theory to challenge the conventional justification for public investment in basic research. Overall, it is a thought-provoking and well-structured read that will appeal to anyone interested in science policy and the economics of innovation.
Key Features & Specs
| Author | Terence Kealey, a biochemist and vice-chancellor with expertise bridging science and economics |
|---|---|
| Core Argument | Challenges the market-failure rationale for government science funding, arguing private enterprise drives research more effectively |
| Evidence Base | Draws on historical case studies spanning centuries of British, American, and European scientific development |
| Depth | Dense and academically rigorous, with detailed economic analysis supported by extensive references and citations |
| Accessibility | Written for an educated general audience; prior knowledge of economics or science policy is helpful but not required |
| Format | Available in hardcover and paperback; approximately 470 pages covering theory, history, and policy implications |
| Perspective | Deliberately contrarian and libertarian-leaning, offering a strong counterpoint to mainstream science funding orthodoxy |
Best for: Researchers, science policy analysts, economists, and curious readers who want a challenging, evidence-based critique of how scientific research is funded and organized.