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Vol. 1 No. 2 (2021): Economical of Science
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Economists consider “science” as the search and production of knowledge using known starting conditions. Knowledge can be considered a public good, due to the fact that its utility to society is not diminished with additional consumption (non-rivalry), and once the knowledge is shared with the public it becomes very hard to restrict access to it or use of it (non-excludable). Traditional public economic theory asserts that competitive markets provide poor incentives for production of a public good because the producers cannot reap the benefits of use of their product, and thus costs will be higher than benefits. Economists have identified several possible reasons as to why producers of science might determine that the private costs they incur in the production process are larger than the benefits that they intend to reap, even though the benefits to society are greater than these costs Firstly, the technological barriers to production are extremely high, which makes the market very risky. Technological barriers refer to the cost of research and development of new scientific knowledge, which becomes increasingly expensive as technology continues to play a more prominent role in this type of development.Secondly,