But I do think that once there are thousands of people and tens of millions of dollars in a field, you don't get to call it "hiding in plain sight" or "low hanging fruit" anymore.
How about the Heimlich method? There were millions of dollars and thousands of doctors in the field when he invented what he invented. Not a very high hanging fruit.
Those of us who have found the arguments for stagnation in our near future by Peter Thiel and Tyler Cowen pretty convincing, usually look only to the information and computer industries as something that is and perhaps even can keep us afloat. On the excellent West Hunters blog (which he shares with Henry Harpending) Gregory Cochran speculates that there might be room for progress in a seemingly unlikely field.
Link to post.
I think Greg is underestimating the slight problems of massive over-regulation and guild-like rent seeking that limits medical research and providing medical advice quite severely. He does however make a compelling case for there to still be low hanging fruit there which with a more scientific and rational approach could easily be plucked. I also can't help but wonder if investigating older, supposedly disproved, treatments and theories together with novel research might bring up a few interesting things.
Many on LessWrong share Greg's estimation of the incompetence of the medical establishment, but how many share his optimism that our lack of recent progress isn't just the result of dealing with a really difficult problem set? It may be hard to tell if he is right.