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Critique of Privatizing Basic Scientific Research
A government official proposes a new policy to significantly cut public funding for basic scientific research (e.g., research into fundamental physics or cell biology). The official argues, 'If this research is truly valuable, private companies will fund it to develop profitable new technologies. The market, not the government, should decide which research gets done.' Based on your understanding of why markets might not efficiently provide certain services, write a critique of this official's argument. In your answer, explain why a purely private market might underinvest in basic scientific research, even if that research could lead to substantial long-term benefits for society.
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Economics
Economy
Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ
CORE Econ
Social Science
Empirical Science
Science
Evaluation in Bloom's Taxonomy
Cognitive Psychology
Psychology
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Critique of Privatizing Basic Scientific Research
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