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The Creation of Knowledge Is a Public Good

question 113

Essay

The creation of knowledge is a public good. This means that markets will not devote enough resources to the creation of knowledge. What, however, are the difficulties governments face in increasing the level of basic research?


Definitions:

Trust

The firm belief in the reliability, truth, ability, or strength of someone or something.

Free From Risk

A state where there is no potential for loss or any harmful consequences, often considered ideal but difficult to achieve in practice.

Reflexive Modernity

A theory in sociology that suggests modern society is increasingly characterized by reflection and change, affecting traditional institutions and lifestyles.

Expands Ability

The process or intervention aimed at increasing the skills, resources, or capacities of individuals or systems.

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