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How Economics Shapes Science should be required reading for all scientists and students of science, who are increasingly called upon to adopt the language and logic of economics and engage in policy discussions. Paula Stephan (an economist at Georgia State University) makes her case in simple, easy-to-follow language, using timely examples...The book starts by summarizing the case that private industry alone will not invest in the socially optimal level of research, which will ultimately decrease the rate of innovation and lower economic growth. The logic is worth repeating at a time when there are calls for limiting government support for research and researchers face pressures to engage in lower-risk projects. Stephan convincingly argues that monetary incentives increasingly determine the behavior of researchers at the expense of scientists' desire to participate in the joy of solving problems, receive recognition, and obtain a good reputation.
— Maryann Feldman