JulianMorrison comments on Helpless Individuals - Less Wrong
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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.