Why does a podcast about capitalism want to talk about science?
Modern capitalism and science have evolved together since the Enlightenment. Advances in ship building and navigation enabled the Age of Discovery, which opened up new trade routes and markets to European merchants. The invention of the spinning jinny and cotton in the 18th century spurred textile production. The United States’ Department of Defense research and development agency helped create the precursor to the internet. The internet now supports software and media industries worth trillions of dollars. On the flip side, some of America’s greatest capitalists and businesses, including Thomas Edison, Henry Ford, and Bell Labs, gave us everything from electricity production to the transistor. Neither science nor capitalism can succeed without the other.
However, science’s star is now dimming. Part of this is due to political intervention. In the U.S., the federal government has cut funding for scientific research. The Covid-19 pandemic diminished the public’s trust in scientific experts, which social media has exacerbated through misinformation. Restrictions on immigration may further hamper scientific research as some of the world’s brightest minds lose access to funding and state-of-the-art facilities.
But so too has capitalism played a hand in science’s struggles. While corporations sponsor a significant portion of funding for scientific research, this funding too often comes with undisclosed conflicts of interest. Or corporate pressure may influence results in other ways.
Stanford University professor John Ioannidis is a physician, writer, and one of the world's most-cited scientists. He studies the methodology and sociology of science itself: how the process and standards for empirical research influence findings in ways that some may find inaccurate. His 2005 essay "Why Most Published Research Findings Are False" is one of the most accessed articles in the history of Public Library of Science (PLOS), with more than three million views. Ioannidis joins Bethany and Luigi to discuss the future of the relationship between capitalism and science, how both will have to respond to contemporary politics, and how one even conceptualizes robust measurements of scientific success.
Listen:
Science for Sale, with David Michaels: Learn how corporate-funded science uses doubt to its patrons' advantage.
The Money Behind Ultra-Processed Foods, with Marion Nestle: Examine the role of Big Food in public health.
The Capitalisn’t of the U.S. COVID Response: Understand the factors that exacerbated the pandemic’s fallout for the most vulnerable in society.
Read:
Food for Thought: An excerpt from the second edition of Marion Nestle’s book, Food Politics: How the Food Industry Influences Nutrition and Health.
How Conflicts of Interest Shape Trust in Academic Work: What is the impact of various conflicts of interest on readers’ trust in academic research findings? What are the implications for academia and policy?
There’s More Bias Than You Think: To protect the integrity of academia, we must also encourage the injection and consideration of new and contradictory unconflicted ideas.
Academic Bias Under the Microscope: That scholarship often reflects conscious and unconscious biases has long been an open secret in academia. What are the sources of industry bias in economic and business research, and possible avenues of mitigation?
“Doubt is Their Product”: The Difference Between Research and Academic Lobbying:
Reflecting on the intersection of academic economics and policymaking – and advice to young scholars.Watch:
John Ioannidis’ Keynote at the Stigler Center Antitrust and Competition Conference 2025: Economic Concentration and the Marketplace of Ideas
How Conflicts of Interest Impact the Marketplace of Ideas: Webinar
De-Biasing Academic Research: Panel Discussion at the Stigler Center Antitrust and Competition Conference 2022
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