Cognitive Economy: The Economic Dimension of the Theory of Knowledge
Cost, expected benefits, and risks are paramount in grant agencies' decisions to fund scientific research. In Cognitive Economy, Nicholas Rescher outlines a general theory for the cost-effective use of intellectual resources, amplifying the theories of Charles Sanders Pierce, who stressed an “economy of research.” Rescher discusses the requirements of cooperation, communication, cognitive importance, cognitive economy, as well as the economic factors bearing on induction and simplicity. He then applies his model to several case studies and to clarifying the limits imposed on science by economic considerations.
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accept accordingly achieve acquisition Anaximander answer approach basis beliefs bleen Charles Sanders Peirce circumstances claims COGNITIVE ECONOMY cognitive importance color complex contexts cooperation cost effective cost-benefit costs and benefits course credibility crucial economic aspect economic considerations economic dimension economic rationality effort ence endeavors enterprise epistemic error escalation fact factors fundamental further given H. H. Price Hans Reichenbach human hypotheses inductive reasoning inductive systematicity inherent inquiry interac interactions interest issue J. M. Keynes justified limited matter means ment methodological natural science nitive nomic objective onomies ontological operate overall parametric space phenomena Philosophical physical Popperian practical principle problem procedure proceed questions Raven Paradox ravens realization regard relative role sceptic scientific progress significant simplest simplicity preference situation Solomon Asch sort substantial sure symmetry TECHNOLOGICAL ESCALATION theoretical theory things tion tive trust world picture