The chapter "The Economics of Science" by Arthur M. Diamond, Jr., explores the economic aspects of scientific research and the behavior of scientists. The author argues that while the goal of maximizing "truth per dollar" spent on science is important, it requires a better understanding of past and current reward structures in science. The essay reviews what economists have learned about scientific behavior and reward structures, aiming to inform policymakers in creating more efficient reward systems. It highlights the scarcity of economic studies on the sociology of science and emphasizes the need for economists' utility-maximizing models and econometric tools to understand scientific progress and behavior. The review covers existing literature on economic explanations of scientific behavior, scientific institutions, and the economic impact of scientific developments. The author also discusses the econometric literature on scientific institutions, production, and the earnings and status of minority scientists. Finally, the chapter touches on the significant research on how science contributes to technology and economic growth, though a full survey is beyond the scope of this essay.The chapter "The Economics of Science" by Arthur M. Diamond, Jr., explores the economic aspects of scientific research and the behavior of scientists. The author argues that while the goal of maximizing "truth per dollar" spent on science is important, it requires a better understanding of past and current reward structures in science. The essay reviews what economists have learned about scientific behavior and reward structures, aiming to inform policymakers in creating more efficient reward systems. It highlights the scarcity of economic studies on the sociology of science and emphasizes the need for economists' utility-maximizing models and econometric tools to understand scientific progress and behavior. The review covers existing literature on economic explanations of scientific behavior, scientific institutions, and the economic impact of scientific developments. The author also discusses the econometric literature on scientific institutions, production, and the earnings and status of minority scientists. Finally, the chapter touches on the significant research on how science contributes to technology and economic growth, though a full survey is beyond the scope of this essay.