Goverment Investment In Science
I’ve been meaning to lay out my views on this question for a long time, but now Will Wilkinson has done it for me, and probably done a better job of it than I would have.
His post is a bit long, however, so let me summarize. Some very real market failures lead to underinvestment in basic science, and government funding can help correct this. In spite of all the usual problems which afflict government-directed investment, it’s a good idea to spend tax money on basic science. However, there is no good reason for the government to fund applied research and technological development. The market does so much more efficiently.
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