taw comments on Helpless Individuals - Less Wrong
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You're only looking at funds for "Science" that get used for something useful. How much of the funds are used suboptimally or completely wasted? Pretty much every funding (science, charities, government etc.) except for capitalist free market (and even that only in case where there's little potential for abuse) is extremely inefficiently spent, as there's no optimization mechanism based on results, so it's optimized for some very indirect proxies (number of publications, emotional appeal, political interest). Basic research almost by definition doesn't have anything to directly optimize on. So no - just giving "Science" more money wouldn't necessarily improve everyone's well-being.
I cannot think of any plausible mechanism how basic research can be funded in a self-optimizing manner. Prediction markets on its long term impact? That's the best I can think of, but considering how unproven real world prediction markets are even in far easier cases I wouldn't really have high hopes for that.
There are optimization pressures from peer review and academic jostling for position. My point above was that things which passed all the quality checks were being stopped for no reason except lack of money. If you expect any good from the existing research, you should expect those unfunded efforts would have been at least as good, giving a linear speedup per added money.
The market optimizes for the aggregate desires of the buying public and for the ability to produce something valued more by the public than its raw materials - if it achieves scientific usefulness, that's a byproduct.
And I suspect a great deal of scientific research is done at companies which then keep it secret. That work isn't wasted, but it isn't doing the kind of good that shared information can.