Stagnation and Scientific Incentives

NBER Working Paper No. 26752 Issued in February 2020 NBER Program(s):Health Economics Program, Productivity, Innovation, and Entrepreneurship Program New ideas no longer fuel economic growth the way they once did. A popular explanation for stagnation is that good ideas are harder to find, rendering slowdown inevitable. We present a simple model of the lifecycle of scientific ideas that points to changes in scientist incentives as the cause of scientific stagnation. Over the last five decades,

4 mentions: @MattGrossmann@doomie@ketchman@Clay1016
Date: 2020/02/20 17:20

Referring Tweets

@MattGrossmann This emphasis on citations in scientific productivity shifted scientist rewards & behavior toward incremental science & away from exploratory projects that are more likely to fail; as attention to new ideas decreased, science stagnated #SocSciResearch
@doomie "Stagnation and Scientific Incentives" by Jay Bhattacharya and Mikko Packalen is the paper ( It's a long, relatively easy and thought-provoking read.
@ketchman @C_Garthwaite explains that just as water runs downhill, capital seeks returns. His paper shows mostly entry into existing therapeutic classes. Left out is the point that this drives even on-patent prices downward. Also, this isn't health care specific:

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