Abstract

In this paper I will discuss the problem of evaluating dynamic properties of the procedural rules that govern science. I will propose a novel framework for evaluating dynamic properties of such rules. This framework is based upon an analogy from New Institutional Economics. I will argue that the concept of ‘adaptive efficiency’, as it has been developed by Douglass North, solves a problem in economics that is analogous to the problem of evaluating dynamic properties of the procedural rules that govern science. I will propose to apply the main ideas underlying this concept to Chrysostomos Mantzavinos’s theory of Explanatory Games. Based on these ideas, I will develop the concept of ‘explanatory efficiency’. This concept is meant to provide the means to evaluate the dynamic properties of Explanatory Games. I will argue that the proposed analogy also motivates more general applications of New Institutional Economics to traditional problems of philosophy of science.