How Economics Shapes Science

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The beauty of science may be pure and eternal, but its practice requires financial resources. Scientists, being human, are influenced by incentives and costs, both monetary and reputational. Decisions about research topics, publication venues, and whether to explore new areas are often driven by the potential for tenure, prestigious awards, or salary increases, with the risk of failing to achieve these goals. In an era where science is viewed as a key driver of economic growth, Paula Stephan provides insight into the cost-benefit analyses conducted by individuals and institutions vying for resources and recognition. She illustrates how universities mitigate risks by increasing non-tenure-track faculty, requiring tenured faculty to secure external funding for salaries, and employing foreign workers on temporary visas. With funding constraints, researchers often opt for safer projects over innovative but less fundable ones. The career landscape for young scientists is increasingly bleak, characterized by prolonged apprenticeships, a lack of permanent positions, and funding challenges. Vivid and thorough, this work emphasizes the widening gap between different scientific fields, particularly the disparity between biomedical sciences and physics/engineering, while proposing a vision for a more productive and creative research ecosystem that could benefit society as a whole.