Index Investing News
Wednesday, May 6, 2026
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

The Costs and Benefits of Peer Review

by Index Investing News
January 26, 2023
in Economy
Reading Time: 4 mins read
A A
0
Home Economy
Share on FacebookShare on Twitter


Biologist Paul Ehrlich’s recent appearance on 60 Minutes drew an immediate response, with a deluge of denunciations of his decades spent peddling baseless scare stories. Ehrlich responded, Tweeting:

If I’m always wrong so is science, since my work is always peer-reviewed, including the POPULATION BOMB and I’ve gotten virtually every scientific honor.

Erlich’s invocation of ‘peer review’ is notable. Notice how he conflates this process with the practice of science itself.

But Ehrlich is wrong. As Adam Mastroianni, a postdoctoral researcher at Columbia Business School, noted in a recent article, peer review – where “we have someone check every paper and reject the ones that don’t pass muster” – is only about 60 years old:

From antiquity to modernity, scientists wrote letters and circulated monographs, and the main barriers stopping them from communicating their findings were the cost of paper, postage, or a printing press, or on rare occasions, the cost of a visit from the Catholic Church. Scientific journals appeared in the 1600s, but they operated more like magazines or newsletters, and their processes of picking articles ranged from “we print whatever we get” to “the editor asks his friend what he thinks” to “the whole society votes.” Sometimes journals couldn’t get enough papers to publish, so editors had to go around begging their friends to submit manuscripts, or fill the space themselves. Scientific publishing remained a hodgepodge for centuries.

(Only one of Einstein’s papers was ever peer-reviewed, by the way, and he was so surprised and upset that he published his paper in a different journal instead.)

Peer review’s supposed benefit is “catch[ing] bad research and prevent[ing] it from being published.” But, Mastroianni notes:

It doesn’t. Scientists have run studies where they deliberately add errors to papers, send them out to reviewers, and simply count how many errors the reviewers catch. Reviewers are pretty awful at this. In this study reviewers caught 30% of the major flaws, in this study they caught 25%, and in this study they caught 29%. These were critical issues, like “the paper claims to be a randomized controlled trial but it isn’t” and “when you look at the graphs, it’s pretty clear there’s no effect” and “the authors draw conclusions that are totally unsupported by the data.” Reviewers mostly didn’t notice.

The Population Bomb belongs on the list of peer reviewed junk science.

And there are costs to the process:

By one estimate, scientists collectively spend 15,000 years reviewing papers every year. It can take months or years for a paper to wind its way through the review system…And universities fork over millions for access to peer-reviewed journals, even though much of the research is taxpayer-funded, and none of that money goes to the authors or the reviewers.

Huge interventions should have huge effects…if peer review improved science, that should be pretty obvious, and we should be pretty upset and embarrassed if it didn’t.

It didn’t. In all sorts of different fields, research productivity has been flat or declining for decades, and peer review doesn’t seem to have changed that trend. New ideas are failing to displace older ones. Many peer-reviewed findings don’t replicate, and most of them may be straight-up false. When you ask scientists to rate 20th century discoveries in physics, medicine, and chemistry that won Nobel Prizes, they say the ones that came out before peer review are just as good or even better than the ones that came out afterward. In fact, you can’t even ask them to rate the Nobel Prize-winning discoveries from the 1990s and 2000s because there aren’t enough of them.

A recent article in Nature is titled ‘‘Disruptive’ science has declined — and no one knows why,’ but Mastroianni may be giving us at least some of the answer:

The invention of peer review may have even encouraged bad research. If you try to publish a paper showing that, say, watching puppy videos makes people donate more to charity, and Reviewer 2 says “I will only be impressed if this works for cat videos as well,” you are under extreme pressure to make a cat video study work. Maybe you fudge the numbers a bit, or toss out a few outliers, or test a bunch of cat videos until you find one that works and then you never mention the ones that didn’t. 🎶 Do a little fraud // get a paper published // get down tonight 🎶

Researchers are as responsive to incentives as anyone. The peer review process incentivizes ‘gaming’, with people looking to satisfy reviewers and run up their publications rather than break new ground. The costs of peer review, it seems, do not outweigh the benefits. It ought not be a straightjacket for new research nor a shield for charlatans like Ehrlich.





Source link

Tags: BenefitsCostsPeerReview
ShareTweetShareShare
Previous Post

XRP Lawsuit: Here’s The Latest Update On SEC Vs. Ripple Case

Next Post

Fourth-quarter 2022 GDP: What economists are expecting

Related Posts

Transcript: Lawrence Calcano, iCapital CEO

Transcript: Lawrence Calcano, iCapital CEO

by Index Investing News
May 3, 2026
0

https://www.youtube.com/watch?v=crZF0Hl9qXEhttps://www.youtube.com/watch?v=crZF0Hl9qXE     The transcript from this week’s, MiB: Lawrence Calcano, iCapital CEO, is below. You can stream and download...

Making Money…Less Useful? – Econlib

Making Money…Less Useful? – Econlib

by Index Investing News
April 29, 2026
0

One of my brothers recently joked that he would love to meet the person who first pitched gift cards. Who...

The limits on Scott Bessent’s Treasury swap lines

The limits on Scott Bessent’s Treasury swap lines

by Index Investing News
April 25, 2026
0

Scott Bessent’s ability to provide dollar swap lines for allies in Asia and the Gulf could be constrained by the...

Transcript: Jean-Philippe Bouchaud, Founder/Chief Scientist, Capital Fund Management

Transcript: Jean-Philippe Bouchaud, Founder/Chief Scientist, Capital Fund Management

by Index Investing News
April 21, 2026
0

    The transcript from this week’s, MiB: Philippe Bouchaud, Founder/Chief Scientist, Capital Fund Management, is below. You can stream...

Tech Troubleshooting in Space – Econlib

Tech Troubleshooting in Space – Econlib

by Index Investing News
April 17, 2026
0

When astronaut Christina Koch, the first woman to fly around the moon, reported an issue from space that could have...

Next Post
Fourth-quarter 2022 GDP: What economists are expecting

Fourth-quarter 2022 GDP: What economists are expecting

‘James At 15’, ‘Salem’s Lot’ Actor Was 62 – Deadline

‘James At 15’, ‘Salem’s Lot’ Actor Was 62 – Deadline

RECOMMENDED

WhatsApp down again? Google Trends spike after the outage

WhatsApp down again? Google Trends spike after the outage

October 25, 2022
All the Horror You Need to Stream in November 2022

All the Horror You Need to Stream in November 2022

November 5, 2022
Trump says he runs the world — RT World Information

Trump says he runs the world — RT World Information

April 28, 2025
Adani Sportsline Bags Gujarat Franchise In Maiden Women’s Premier League

Adani Sportsline Bags Gujarat Franchise In Maiden Women’s Premier League

January 26, 2023
Can You Have 2 American Airways Credit score Playing cards?

Can You Have 2 American Airways Credit score Playing cards?

April 29, 2022
Civics education crucial these days

Civics education crucial these days

May 8, 2023
7 Rental Properties in 6 Years with This “No-Brainer” Technique

7 Rental Properties in 6 Years with This “No-Brainer” Technique

November 18, 2024
Everton vs Manchester United LIVE: Premier League confirmed line-ups as Alejandro Garnacho drops out

Everton vs Manchester United LIVE: Premier League confirmed line-ups as Alejandro Garnacho drops out

February 22, 2025
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In