The Changing Interrelationship Between Scientific Knowledge and Economic Power.
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| Title: | The Changing Interrelationship Between Scientific Knowledge and Economic Power. |
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| Authors: | Bae, Youngsoo1 (AUTHOR) ybae@snu.ac.kr |
| Source: | Minerva: A Review of Science, Learning & Policy. Jun2026, Vol. 64 Issue 2, p387-405. 19p. |
| Abstract: | Economists and historians have been disputing the Schumpeterian view of independent inventors, observing a number of them succeed in retaining control over their own start-up and leading its growth into a mature company. The unconventional evolution is usually attributed to the changing balance of power in the equity market, where investors have been funding huge sums of money over the last few decades. This essay considers the patent system in addition to the equity market and studies institutional developments during the last five decades or so, which have affected the inventor-investor relationship. Concentrating on leading information technology companies, it also examines management practices, such as stock option plans, and probes the way inventors have made use of the financial resources provided by investors in developing innovative knowledge into marketable goods: With support from investors, inventors have often taken command in infusing scientific knowledge with economic power and thus consolidated enormous influence over employees, customers, and society in general. The essay explains that inventors, taking advantage of the patent system in addition to the changing balance of power in the equity market, have shaped a new balance of power and brought forth a strange compound that might be called intellective power. [ABSTRACT FROM AUTHOR] |
| Copyright of Minerva: A Review of Science, Learning & Policy is the property of Springer Nature and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) | |
| Database: | Education Research Complete |
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| Abstract: | Economists and historians have been disputing the Schumpeterian view of independent inventors, observing a number of them succeed in retaining control over their own start-up and leading its growth into a mature company. The unconventional evolution is usually attributed to the changing balance of power in the equity market, where investors have been funding huge sums of money over the last few decades. This essay considers the patent system in addition to the equity market and studies institutional developments during the last five decades or so, which have affected the inventor-investor relationship. Concentrating on leading information technology companies, it also examines management practices, such as stock option plans, and probes the way inventors have made use of the financial resources provided by investors in developing innovative knowledge into marketable goods: With support from investors, inventors have often taken command in infusing scientific knowledge with economic power and thus consolidated enormous influence over employees, customers, and society in general. The essay explains that inventors, taking advantage of the patent system in addition to the changing balance of power in the equity market, have shaped a new balance of power and brought forth a strange compound that might be called intellective power. [ABSTRACT FROM AUTHOR] |
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| ISSN: | 00264695 |
| DOI: | 10.1007/s11024-025-09574-2 |
