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.
