Although there has been much recent discussion on mechanisms in philosophy of science and social theory, no shared understanding of the crucial concept itself has emerged. In this paper, a distinction between two core concepts of mechanism is made on the basis that the concepts correspond to two different research strategies: the concept of mechanism as a componential causal system is associated with the heuristic of functional decomposition and spatial localization and the concept of mechanism as an abstract form of (...) interaction is associated with the strategy of abstraction and simple models. The causal facts assumed and the theoretical consequences entailed by an explanation with a given mechanism differ according to which concept of mechanism is in use. Research strategies associated with mechanism concepts also involve characteristic biases that should be taken into account when using them, especially in new areas of application. (shrink)

Uncertainty is a feeling of anxiety and a part of culture since the dawn of civilization. Civilizations have invented numerous ways to cope with uncertainty, statistics is one of those technologies. The rhetoric as the discourse of investment theory uncovers that the theory of statistics applied is a blind spot in the current conversation about investment theory and practice. Probability and prediction in investment theory look like a tying sale, since investment theory is founded on stochastical predictability. The proof of (...) unpredictability, however, lies outside the paradigm of statistics, because statistics assumes that the substrate, that produces probability outcomes, is stable. The theory of objective probabilities founds the Capital Asset Pricing Model but does not stochastically predict, and neither do Markowitz’s subjective probabilities for his portfolio theory. Statistical models for investing have a function, despite that they cannot predict: in essence, the models try to quantify statistically the equity, the fairness of the distribution of risk and return between parties involved. In the dissertation, a lot of ideas to change finance have had attention: the alternative statistical theory of Mandelbrot, bubble theory, political finance, the analysis of rhetoric, the analysis of culture, innovative practices, ethics in the form of virtue and value ethics, and the history of finance. How to make the culture of finance more heterogeneous? That starts with awareness of the current problems, the introduction of multiform metaphors for investment theory, and handling the ambiguity of theory uncertainty, by presenting, explaining and elaborating the alternatives. (shrink)

We examine the criticisms and subsequent changes that arise in the course of peer review. Fifty-two scholars who had recently published in Administrative Science Quarterly were surveyed regarding their peer review experience and how their article changed from initial journal submission to eventual publication. Papers that challenged theoretical perspectives faced distinctively high levels of criticism and change, particularly with attention to methodology, while those that offered a new perspective or that extended or combined established perspectives were less criticized and changed. (...) The number of challenge-oriented publications was small as well, suggesting that either few such submissions survive the review process or few are submitted in the first place. Overall, peer review appears open to expansion of the variety of theoretical argument but does little to aid in the winnowing out of established perspectives. (shrink)

The dramatic and ongoing changes in the funding of science have stimulated interest in an economics of scientific knowledge, which would investigate the effects of these changes on the scientific enterprise. Hands has previously explored the lessons for such an ESK from the existing precedent of the sociology of scientific knowledge. In particular, he examines the philosophical problems of SSK and those that any ESK in its image would face. This paper explores this argument further by contending that more recent (...) literature in SSK exposes even deeper philosophical problems than those identified by Hands. Meaning finitism has emerged as the philosophical core of SSK. An examination of the profound problems with this position is used to show that an underlying extensionalism is the root of SSK's intractable philosophical difficulties, and to illustrate the entirely different approach of a critical philosophy that is advocated in its place. In this way, the project of an ESK is shown to depend upon a critical philosophy. (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.

This article retraces the trajectory of a start-up company NanoInk Inc. and its primary technology, the Dip-Pen, which it researches, manufactures, and commercializes. The case is of interest because it introduces a series of under elucidated questions concerning the relationships between “instrument” and “tool,” the birth of a new category of company, the “knowledge enterprise,” the dynamics of relations between complexity and simplicity related to tools “simplexity,” and the idea of “nanofication,” which refers to the spread of familiarity of a (...) nano-permeated future throughout society. (shrink)