Underfunding of Basic Scientific Research
Consider basic scientific research, such as developing a new mathematical theorem. This research is often expensive and time-consuming for the individual or institution conducting it. However, once published, the new knowledge can be used by countless other scientists and engineers in various fields to create new technologies, leading to widespread societal benefits far exceeding the researcher's personal gains. Using economic principles, explain why a private, profit-seeking entity might choose not to invest heavily in this type of basic research, even when the potential societal benefits are enormous.
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Social Science
Empirical Science
Science
CORE Econ
Economy
Economics
Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ
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Underfunding of Basic Scientific Research
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