Peter Achinstein (1990, 1991) analyses the scientific debate that took place in the eighteenth and nineteenth centuries concerning the nature of light. He offers a probabilistic account of the methods employed by both particle theorists and wave theorists, and rejects any analysis of this debate in terms of coherence. He characterizes coherence through reference to William Whewell's writings concerning how "consilience of inductions" establishes an acceptable theory (Whewell, 1847) . Achinstein rejects this analysis because of its vagueness and lack of (...) reference to empirical data, concluding that coherence is insufficient to account for the belief change that took place during the wave-particle debate. (shrink)

Much like the trade and traits of bubbles in financial markets, similar bubbles appear on the science market. When economic bubbles burst, the drop in prices causes the crash of unsustainable investments leading to an investor confidence crisis possibly followed by a financial panic. But when bubbles appear in science, truth and reliability are the first victims. This paper explores how fashions in research funding and research management may turn science into something like a bubble economy.