Private Vices, Scientific Virtues: Using Economics to Think about Science THOMAS C. LEONARD Department of Economics Fisher Hall Princeton University Princeton, NJ 08544 United States
[email protected] phone: (609) 258-4036 fax: (609) 258-5561 1999 Private Vices, Scientific Virtues: Using Economics to Think about Science Abstract This paper makes a case for using economics to study science and its product, scientific knowledge. Traditional theories of science – due mainly to epistemology – imply that science is successful because scientists are selfless truth seekers, and because they rigidly adhere to a method. Post-modern theories of science – due mainly to sociology and literary theory – argue that science cannot be successful, because scientists are neither disinterested nor selfless, and because methodological rules derive from a faulty epistemology. An economic theory of science argues that, contra the traditional view, successful science doesn’t require the restrictive premises of Traditional theory of science, and that, as a result, contra the Post-modern view, successful science is not ruled out when those premises are. An economic theory of science accommodates both a realistic conception of scientific motivation and procedure, and the possibility of genuine scientific success. In so doing, it offers an intellectual means to address a central question in the theory of science: how do self-interested scientists, who have wordly goals, come to produce the collectively beneficial outcome of reliable scientific knowledge. Keywords Economics of science, philosophy of science, bounded rationality, institutions, scientific knowledge, economic methodology 2 1. Introduction This paper takes up a conundrum that immediately presents itself to the economist considering science.