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Should governments fund science?
Author(s) -
Kealey Terence,
AlUbaydli Omar
Publication year - 2000
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/1468-0270.00231
Subject(s) - government (linguistics) , economics , empirical evidence , finance , philosophy , epistemology , linguistics
Empirical evidence shows the flaws in the ‘linear model’ of economic growth ‐ in which government funds pure science which leads to applied science and enhanced economic growth. Adam Smith's model ‐ in which academic science flows out of applied science ‐ is nearer the mark. Governent funding of science cannot be justified on economic grounds and indeed tends to crowd out private funding.