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The economic significance of speculations in science

By P.C. van den Noort


The growth and development of economies can be described as a logistic evolution process, for which we have a mathematical formulation. This shows that without innovation highly developed economies go into recession or even depression. To prevent or repair this we need a stream of inventions, leading to innovations. Those inventions are based on new developments in science. For that we need scientists who are engaged in speculative theories. However, in times of growth there is no need for such people, they even become outsiders or mavericks. Until the phase of growth reaches its end and consequently the economies go into recession. It is very difficult for most people to see what is happening then as they are used to the continuous growth. When the insight comes it is difficult to find new inventive scientists within the good old organization of science. Some mavericks are perhaps present in their own way and hopefully they find their way to new science, new paradigms and inventions. Only then the economies can get out of the depressed stat

Year: 2011
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