Fri, 17 Mar 2006
The Economics of Science and Teaching
Had a slightly daft conversation in the pub last night, covering
science, industry and economics. As is inevitable from such a
conversation, this failed to reach any big conclusions.
Thinking about it later, though, I've decided that research and
teaching have fundamental economics. Thinking back into the past, my
educational experiences have all been valuable to me; just not that
valuable, at least not for a given piece of teaching. Teaching, then,
seems to pay off, in that it's for a given course you chances of
getting some return are high, but the return is likely to be
small: anything you learn you are going to use, just not that often.
Science and research in general are very different; most of the
research done in the world, more or less by definition, comes to
nothing at all. Some of it, however, pays off in a huge
way. Occasionally, a small piece of research changes the world. So,
the chances of getting a return are small, but the potential return is
huge.
It's odd that two such different activities have been combined in the
education sector. From a practical point of view, the combination
seems natural to me; my research provides the foundation to my
teaching. But from an economic point of view, is the combination of
the two sustainable?