In 1947, the mathematician Derek J. de Solla Price was asked to store a complete set of The Philosophical Transactions of the Royal Society temporarily in his house. Price stacked them in chronological order by decade, and he noticed that the number of volumes doubled about every 15 years, i.e., scientific knowledge was apparently growing at an exponential rate. Thus the field of scientometrics was born.
Price started to analyze all sorts of other kinds of scientific data, and concluded in 1960 that scientific knowledge had been growing steadily at a rate of 4.7 percent annually for the last three centuries. In 1965, he exuberantly observed, “All crude measures, however arrived at, show to a first approximation that science increases exponentially, at a compound interest of about 7 percent per annum, thus doubling in size every 10–15 years, growing by a factor of 10 every half century, and by something like a factor of a million in the 300 years which separate us from the seventeenth-century invention of the scientific paper when the process began.”