Abstract

Modern science has undoubtedly become one the principal engines of economic growth, even though the epistemological status of scientific knowledge has been continuously contested. Leaving the philosophical problem of knowledge aside, this paper examines how scientific discovery contributes to the production of wealth. The analysis focuses on a recent achievement at the crossroads of chemistry, immunology and biotechnology: antibody catalysis. For this purpose, we develop a model of entrepreneurial work to explain how the discovery of natural products and processes generates new economic opportunities. The proposed model is based on the assumption that scientists believe that the natural environment is a repository of 'natural capital'. Natural capital includes goods that are not made by humans but can be used to produce other goods and services. The belief in natural capital induces scientists to search for and identify a natural property that, in the specific cultural context of their work, is recognized as a valuable resource. The selection of such a property forms the initial phase of the discovery process. Certain research methods are then deployed to create novel empirical conditions within which the selected property is transformed into a specific good. The discovery of natural capital thus comprises a historically accountable entrepreneurial endeavour.