Earlier quoted context omitted.
The "waste" in the startup industry has corrective mechanisms built in. Investors can pull their money out and take their business elsewhere. Taxpayers cannot pull their money out of the NSF and reallocate it to a different government agency.
Sure. In theory, investors can behave as rational actors. In practice, you get all sorts of chasing the Next Big Thing because there’s too much money flowing around to too little fundamental research. So I’m ok if we spend $1.2M on research. That’s like 5 developers for one year who would otherwise be allocated by the invisible hand into effectively useless endeavors like high frequency trading or ad tech. Cut to the…
I'm not. Where do I opt out of funding government grants?
At least I can decide not invest in something if I don't want to risk losing money.