Earlier quoted context omitted.
This is actually the best reason for government funding of basic and applied research. Society has to take the long view since individuals and corporations can not. This is why it is scary that politics has degenerated to the point where even 4 year plans are becoming difficult.
While capitalism is quite successful, it has shortcomings. These should be addressed by the society as a whole, and the State is THE organization that is participated in by the whole society. Major categories of capitalism faults: - It does not guard against negative externalities: pollution, long term degrading employee health and safety, value extraction with no value creation (think stealing and other crimes). Her…
- Soviet Russia and Communist China had massive men-made environmental disasters.
- Most monopolies are created by the state sanctioned environment. Not all monopolies are bad. If anything that remotely resemble monopoly arise in relatively free market, it is because it serves the needs of the customers so well that it has out-competed all the other companies.
- If you dump hundreds of billions of dollars in something, sure, you might get some good out of it, but no one can quite measure if it was done efficiently or not. There's no good reason to assume to that such things would be have been only funded by government.
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