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 (...) issues that might jeopardize the success of this philosophical project. (shrink)

Chapter 1 FROM ORDER TO DISORDER 5 mins. John enters and goes into his office. He says something very quickly about having made a bad mistake. He had sent the review of a paper. . . . The rest of the sentence is inaudible. 5 mins.

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 (...) resources among different research programs that provides as much benefit as possible to society. I show that the priority system is especially well suited to finding an efficient allocation of resources in those situations, characteristic of scientific inquiry, in which any success in an endeavor subsequent to the first success brings little additional benefit to society. (shrink)