Understanding the Reward System of Science: An Economic Approach

Throughout the history of science, there have been a number of different ways of rewarding scientists' for their contributions to human knowledge. Utilizing an economic methodology, this paper compares these different reward systems with an eye to the systems' effects on scientists ability to freely choose diverse projects. This allows us to address, precisely, the often-repeated claim that the contemporary reward scheme for science stifles diversity and the free choice of scientists.