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In this paper I will discuss the idea of the invisible hand in the connection of its recent use in the philosophy of science. It has been invoked by some philosophers of science with a naturalistic bent as a part of their account of science. Some have made explicit references to the idea (Hull, 1988a) and others have only presupposed it (Giere, 1988; Goldman, 1991; Kitcher, 1993). I will argue that there are some problematic features in the way the idea (...) |
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The scientist's decision of accepting a given proposition is assumed to be dependent on two factors: the scientist's 'private' information about the value of that statement and the proportion of colleagues who also accept it. This interdependence is modelled in an economic fashion, and it is shown that it may lead to multiple equilibria. The main conclusions are that the evolution of scientific knowledge can be path, dependent, that scientific revolutions can be due to very small changes in the empirical (...) |
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Economic forms of analysis have penetrated to many disciplines in the last 30 years: political science, sociology, law, social and political philosophy, and so forth. We wish to extend the economic paradigm to certain problems in epistemology and the philosophy of science. Scientific agents, and scholarly inquirers generally, act in some ways like vendors, trying to "sell" their findings, theories, analyses, or arguments to an audience of prospective "buyers". The analogy with the marketplace is imperfect. The ideas or discoveries that (...) |
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The relationship between economics and the philosophy of natural science has changed substantially during the last few years. What was once exclusively a one-way relationship from philosophy to economics now seems to be much closer to bilateral exchange. The purpose of this paper is to examine this new relationship. First, I document the change. Second, I examine the situation within contemporary philosophy of science in order to explain why economics might have its current appeal. Third, I consider some of the (...) |
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Goldman joins the ranks of epistemologists, philosophers, and science studies scholars trying to use economic models of science. For Goldman, these models are part of social rather than individual epistemics. His hope is that these models will illustrate that non-epistemic goals of individual scientists such as professional success do not necessarily undermine epistemic aims of science such as the acquisition of truth. This paper shows that there are inconsistencies between Goldman's individual and social epistemics, that these models do not live (...) |
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Are scientific discoveries coming to an end? At what cost isscientific research undertaken? Priceless Knowledge? argues that perfecting natural science is impracticable, not on theoretical terms, but on strictly economic grounds. This is a rare philosophical examination of the economics of natural science. Nicholas Rescher argues that while there are no theoretical limits to natural science, we are limited by what we can afford to do. Rescher explores th exponential increase in resources necessary to accomplish growth in knowledge. Priceless Knowledge? (...) |
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During the last three decades, reflections on the growth of scientific knowledge have inspired historians, sociologists, and some philosophers to contend that scientific objectivity is a myth. In this book, Kitcher attempts to resurrect the notions of objectivity and progress in science by identifying both the limitations of idealized treatments of growth of knowledge and the overreactions to philosophical idealizations. Recognizing that science is done not by logically omniscient subjects working in isolation, but by people with a variety of personal (...) |
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One prominent aspect of recent developments in science studies has been the increasing employment of economic concepts and models in the depiction of science, including the notion of a free market for scientific ideas. This gives rise to the issue of the adequacy of the conceptual resources of economics for this purpose. This paper suggests an adequacy test by putting a version of free market economics to a self-referential scrutiny. The outcome is that either free market economics is self-defeating, or (...) |
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Science's priority rule rewards those who are first to make a discovery, at the expense of all other scientists working towards the same goal, no matter how close they may be to making the same discovery. I propose an explanation of the priority rule that, better than previous explanations, accounts for the distinctive features of the rule. My explanation treats the priority system, and more generally, any scheme of rewards for scientific endeavor, as a device for achieving an allocation of (...) |
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This paper draws a connection between recentdevelopments in naturalized philosophyof science and the Buchanan research programin economics. Economic approaches innaturalized philosophy of science canbe combined to form an economic philosophy ofscience. After giving an overview of someof these approaches, I lay out the fundamentalsof the Buchanan research program. I arguethat its main elements are a theory of interactionsand a normative foundation in consensus whichhelp to answer some important criticismsof economic philosophy of science. |
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The failure of the attempt by Michael Polanyi to capture the social organization of science by comparing it to the operation of a market bears salutary lessons for modern philosophers of science in their rush to appropriate market models and metaphors. In this case, an initially plausible invisible hand argument ended up as crude propaganda for the uniquely privileged social support of science. |
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Methodological norms are seen as rules defining a competitive game, and it is argued that rational recognition-seeking scientists can reach a collective agreement about which specific norms serve better their individual interests, especially if the choice is made `under a veil of ignorance', i.e. , before knowing what theory will be proposed by each scientist. Norms for theory assessment are distinguished from norms for theory choice (or inference rules), and it is argued that pursuit of recognition only affects this second (...) |
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