Science is difficult and costly to do well. This study systematically creates an economics of science. Many aspects of science are explored from an economic point of view. The scientist is treated as an economically rational individual. This book begins with economic models of misconduct in science and the legitimate, normal practices of science, moving on to market failure, the market place of ideas, self-correctiveness, and the organizational and institutional structures of science. An exploration of broader methodological themes raised by an economics of science ends the work.
'The book represents a substantial contribution to the growing literature on the economics of science. The book is highly recommended, and given the growth of literature on the economics of science it is certain to become one of the seminal contributions to the field.' - Review of Social Economy Sep 2000