Cost, expected benefits, and risks are paramount in grant agencies' decisions to fund scientific research. In Cognitive Economy, Nicholas Rescher outlines a general theory for the cost-effective use of intellectual resources, amplifying the theories of Charles Sanders Pierce, who stressed an /u201ceconomy of research./u201d Rescher discusses the requirements of cooperation, communication, cognitive importance, cognitive economy, as well as the economic factors bearing on induction and simplicity. He then applies his model to several case studies and to clarifying the limits imposed on science by economic considerations.
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<b>Nicholas Rescher</b> was Distinguished University Professor of Philosophy at the University of Pittsburgh and co-chairman of the Center for Philosophy of Science. A member of the American Academy of Arts and Sciences, he served as president of the Eastern Division of the American Philosophical Association, the Leibniz Society of North America, the Charles S. Peirce Society, the American Catholic Philosophical Association, and the Metaphysical Society of America. Rescher was the author or editor of more than one hundred books, including <i>Ignorance (On the Wider Implications of Deficient Knowledge), Philosophical Inquiries: An Introduction to Problems of Philosophy</i>, and <i>A Journey through Philosophy in 101 Anecdotes</i>.
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