While spending as a pct of gdp might be going down, that’s not relevant to the direction of the returns on spending using absolute terms. It’s important to be careful throwing money at a problem that wasn’t caused by a lack of money, which is the case here.
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I have yet to hear "lack of money isn't the problem." Maybe I missed that part. One successful funding structure doesn't mean the whole rest of it is broken? I mean, correlation effects, only fits some types of research, etc. The system can be better AND is underfunded.
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I’m generally supportive of more funding for science in principle but I *would* say that lack of money is not the primary problem today and that the marginal returns to additional funding would be (have been!) slight.
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What would you say is the #1 action our society should take? (Or does that require more study before we know?)
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Break up NIH and NSF into 10+ bodies with fully independent approaches. Every 5-10 years, reassess their budgets. Hegemonic monoculture today very pernicious.
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Totally agree, and would even support a partial finer grain approach where their are small funds (perhaps for / non profit) working with any approach they can with higher risk bets allowed if desired.
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I've wanted to see a study showing
@DARPA's program manager model vs. NSF/NIH board model to see if the more "angel" like DARPA model leads to high variance / more creative funding getting done. They have singular authority to cut checks <$500K w/o approval I believe.1 reply 0 retweets 2 likes -
Replying to @NickPinkston @roybahat and
Not quantitative but you've probably seen https://mitsloan.mit.edu/shared/ods/documents/?PublicationDocumentID=5173 ….
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I haven't seen it, but very cool, thanks for sharing. I haven't dug super deep into this topic. (Comparative Innovation Policy? or would you just call it Progress Studies now? :-) ) Any books, etc. you recommend?
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To me it is Progress Studies :-). In terms of books about funding agencies, the genre is sadly sparse. (Part of the reason we decided to promulgate a new term!) I know of *zero* recent works about NIH or NSF. A few about DARPA but they're too breathless.
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Interesting - I keep finding that economics seems largely too navel-gazing and a lot of big questions have little work on them, so it's not super surprising.
@MazzucatoM has done some work in a similar vein with "Entrepreneurial State" etc.1 reply 0 retweets 1 like -
Replying to @NickPinkston @patrickc and
An interesting one I'm reading now is
@JosephEStiglitz's "Creating a Learning Society" which looks at how we're more limited by tech / process adoption than the progress of tech, etc. itself. re: few firms live close to the production possibility frontier1 reply 0 retweets 0 likes - 1 more reply
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