The Economics of Scientific Knowledge: A Rational Choice Institutionalist Theory of Science

The Economics of Scientific Knowledge demonstrates how contemporary economic theories, such as rational choice theory, public choice theory, game theory, and neo-institutionalist economics can be successfully applied to resolve the issues currently existing in science studies and science and technology policy.

Yanfei Shi criticizes the sociology of scientific knowledge and the traditional philosophy of science for their failures in justifying science as a rational enterprise. From an economic perspective, he explains why scientific enterprise as a public good is possible if individual scientists are self-interested and presents a new and convincing story of how scientific knowledge is produced in the contemporary society.

With professional experience as a policy analyst, Yanfei Shi's economic perspective on scientists and their behaviors and his institutional analysis will have great implications for the current discussions on science and innovation policy issues. Scholars and students in the fields of economics, philosophy and sociology as well as scientists, administrators and policy analysts will find this book a welcome addition to the literature of the increasingly important field of science studies.