Economists need to understand some fundamental aspects of science in order to measure and analyse the process of technological change. This book explores the interrelationships between economics, science and technology in order to find ways of improving economists' approaches to technical change.
Dr Payson begins by offering a scientific critique of economic discourse and presents a unique, unconstrained and critical view of the behavioral differences between economists and scientists. The economic literature on technological change is analysed in order to assess economists' approach to science. The author then offers concrete solutions for the useful economic study of technological change including alternative methods of classifying data based on scientific principles, a characteristics approach to measuring physical capital, and a futuristic exploration into how artificial intelligence may improve economics.
Steven Payson, Chief, Special Studies Branch, Government Division, Bureau of Economic Analysis, US Department of Commerce, Washington, DC and Grain Inspection, Packers and Stockyard Administration, US Department of Agriculture and the Science, Technology and International Affairs Program, Georgetown University, US
Contents: Preface Part I: A Scientific Critique of Economic Discourse 1. Economics of Science versus Science of Economics 2. The Difference in Behavior Between Economists and Scientists 3. Measurement in Economics Must be Taken More Seriously Part II: Economic Literature on Scientific Advancement, Technological Change and Related Topics 4. Science as a Public Good 5. Subfields on the Economic Effects of Scientific Research 6. Economic Literature on Technological Change Part III: New Attitudes, Philosophies, Frameworks and Models 7. Product Evolution and the Case for Function-Based Classification 8. Business Interests in Scientific Discoveries 9. Capital Input - It Need Not be Metaphysical 10. Conclusion References Index