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This book not only explores the ways in which the economic crisis and associated austerity policies have adversely impacted the physical and human infrastructure and conduct of scientific research, but also considers how science can help us to understand the crisis and provide original solutions. Starting with a detailed but accessible analysis of the scientific method and the nature of scientific prediction, the book proceeds to address the failure to forecast the economic crisis and the origins of the continuing inertia in economic policy and theory. Attention is drawn in particular to the shortcomings of neoclassical economics in terms of its description of the economic system as being mechanical in nature and characterized by equilibrium. This perspective mirrors the limitations and outdated ideas of nineteenth century physics, which the book contrasts with the insights offered by modern physics. The impact of neoliberal ideologies on scientific research is also discussed in detail, highlighting their stifling effect on innovation and diversification. In closing, the book emphasizes the need for state intervention to guide and support scientific research as the core engine of economic development that will deliver a sustainable future.
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Francesco Sylos Labini Science and the Economic Crisis Impact on Science, Lessons from Science Science and the Economic Crisis Francesco Sylos Labini Science and the Economic Crisis Impact on Science, Lessons from Science 123 Francesco Sylos Labini Enrico Fermi Center and Institute for Complex Systems (National Research Council) Rome Italy ISBN 978-3-319-29527-5 DOI 10.1007/978-3-319-29528-2 ISBN 978-3-319-29528-2 (eBook) Library of Congress Control Number: 2016931354 © Springer International Publishing Switzerland 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer imprint is published by SpringerNature The registered company is Springer International Publishing AG Switzerland Foreword The world is in the grip of the biggest economic crisis for more than 80 years. Nearly all nations are affected, though, of course, some are more affected than others. The key political question of today is: “What should be done to bring this crisis to an end?” In this book, Francesco Sylos Labini, who is a researcher in physics, takes an unusual approach to the crisis by relating it to the situation in science. How is this economic crisis related to scientific research? A little reflection shows that this link is in fact very close. The neoliberal economic policies, which have dominated for the past 30 or so years, are based on neoclassical economics. This looks very much like a science such as physics, sin