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The creation, spread, and accumulation of knowledge is what makes our civilization move forward. But society has no appropriate mechanism to price and reward these advances commensurately to their benefits. As a result, we are under-investing in that which is most essential to us
This is true even in the short term, but it compounds in the long term. The value of novel knowledge should be integrated over... all of history going forward. Including 2nd order benefits.
We seem to be struggling to even agree on what constitutes “knowledge” these days
Newton should have ended up a trillionaire.
Apple would have been called Newton
but in practice, the one deciding the amount of research effort only sees a fraction of the value of knowledge. So the will certainly be too little effort!
With the appropriate discount rate. However, not all knowledge is equally valuable.
So.. we're stuck in a local minima of SGD...societal gradient descent ? :)
True; but those most contributing to knowledge & progress have typically been more remunerated by fame than wealth, save perhaps patents-related stuff. And, also, we live in increasingly Open Science era. Do you have practical suggestions?
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