ECON 2880: Economics of Science

Covers economic incentives that drive science and scientists in creating new knowledge and effect of scientific-technological advance on the economy. Will give special attention to teams of scientists and AI agents as research frontier. First part of course examines global spread of science, with particular attention to rise of China as scientific super-power and beginning emergence of India, decisions of students to choose scientific careers and rise of graduate student unions and post-docs groups;  use of tenure tournaments in motivating academic science, network analysis of scientific co-authorship and citations of papers; the development of “slippery science” from replication problems to fraud;  increased use of machine learning AI tools in scientific discovery; and demand for R&D by firms seeking new technologies and products.  Second part of course analyzes impact of increased scientific knowledge on economic innovation, with attention to private and social returns, patenting system; creation of new products and technical processes; clinical research trials in medicine with NIH as major funder and FDA approval of drugs as key regulator of pharma; govt support of science via spending, DARPA and related innovative research programs, and role of international students on visas.