This paper has two goals. The first is to fill a gap in the literature on inductive risk by exploring the relevance of the notion of inductive risk to macroeconomics and monetary policy. The second goal is to draw some general lessons about inductive risk from the case discussed. The most important of these lessons is that the notion of inductive risk is no less relevant to the relationship between the proximate and distal goals of policy than it is to (...) the relationship between policies and their goals. (shrink)

Recent scholarship in science, technology, and society has emphasized the neoliberal character of science today. This article draws on the history of US science and technology policy to argue against thinking of recent changes in science as fundamentally neoliberal, and for thinking of them instead as reflecting a process of “economization.” The policies that changed the organization of science in the United States included some that intervened in markets and others that expanded their reach, and were promoted by some groups (...) who were skeptical of free markets and others who embraced them. In both cases, however, new policies reflected growing political concern with “the economy” and related abstractions and a new understanding of S&T as inputs into a larger economic system that government could manipulate through policy. Understanding trends in US S&T policy as resulting from economization, not just neoliberalism, has implications for thinking about the present and likely future of science and S&T policy. (shrink)