Pure scientific research pays for itself

Pure scientific research is economically viable because it has a fat tail. Science is expensive, but sporadic breakthroughs lead to economic benefits that more than cover the bill for the other studies. If you could buy stock in Pure Scientific Research, it would be a worthwhile investment, with estimated returns on investment of 20–60%. The catch? You have to share your returns with everyone else. They aren’t appropriable as an economist would say.

The importance of pure scientific research to the vast majority of modern life cannot be understated. But this importance is hidden. The tech, pharma, and auto companies that we buy products from undertake their own research and development, but it exists upon a base of fundamental science discovered within university walls. This link between pure research and modern day technology would be more obvious if, as Bruce Parker suggests, there were “Science made this possible” signs on every appliance, drug, car, computer, game machine, and other necessities of life. And let’s not forget that the Internet grew out of a technology physicists developed to help communicate with each other.

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What does scientific genius look like in the 21st century?

The names we typically associate with scientific genius are from several centuries or millennia ago. Think Newton, Einstein, Archimedes, Galileo, or Darwin. Even famed scientists that are modern by comparison (Richard Feynman, Francis Crick, or Linus Pauling) made discoveries many decades ago. Just as any sports fan will tell you it is pointless to compare athletes from different eras, the same is true, if not more so, for scientists. Whereas athletes are largely playing the same game as they were decades ago, science has changed. We aim to always answer new questions, address ever more complex and interdisciplinary issues, and occasionally develop experiments costing billions of dollars. How, then, does scientific genius manifest in the 21st century? Which circumstances are most conducive to developing scientific genius? And what traits does a genius in the modern scientific realm exhibit?

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