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Let’s face it, science ain’t cheap.
Technology today has provided us with expensive science toys, like lasers,
ridiculously strong magnets, particle accelerators, and 3D printers. These
fancy machines can cost millions of dollars. In addition to expensive toys,
science employs expensive people in expensive buildings. So it pretty much costs a famous rapper’s fortune to perform a worth-while scientific study these
days. What is often cast under the shadows of the high price is that scientific research and innovation can be largely credited for the success of the United States' economy throughout history.
Funding for scientific research comes from two main sources: Private
corporations and the government. Each of these sources have different
motivating factors, but both expect a return on their investment (ROI). No
matter where the money comes from, the goal is to make back significantly more
money than the initial investment.
Private Funding:
When private corporations invest in
research, it tends to be within their own research and development departments.
Their main goal is to make a profit, preferably in a short amount of time.
Because of this, corporations tend to invest in short term, low risk projects.
This type of research generally falls under the category of applied research,
which is a “practical application of science.” Applied research uses theories
and techniques that are well established, with a profit-driven purpose.
Many important products and discoveries have come from privately funded research. The first sequencing of the human genome was actually carried out by the private company Celera Genomics. Even Galileo was funded by wealthy individuals with a curiosity about how things work. The added pressure of competition can accelerate the research process and produce more results in a short amount of time.
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Government Funding:
The government funds scientific research
using budgeted taxpayer dollars. They typically fund research in their own
specialized departments and through grants to academic organizations.
Typically, the motivation for government research is more long-term, like
flying to the moon or curing diseases. Investments are more high-risk projects
that have a longer ROI time period. Because of this, the government funds more
basic research than private companies. Unlike applied research, basic research
has the goal of gaining knowledge of the fundamentals of scientific
observations. For example, basic research is responsible for our understanding
of what molecules are made of, or why we stick to the surface of the earth
instead of flying into space (theory of gravity). The cash flow isn't
immediate, but basic research opens the doors to a multitude of opportunities
to profit. Applied science needs the basis of basic research to operate.
Access to scientific findings can make science advance faster. Unlike privately funded research, government funded science is public knowledge; scientists publish their findings in journals accessible to other scientists so that they can use each other’s knowledge to accelerate their own research.
Government funded research, on the
other hand, can be less efficient because of the lack of pressure that
competition in the industry provides. Research groups collaborate instead of
racing each other to be the first, which sometimes results in wasted time, and
even money.
A mixture of private and public
funding in science is necessary for a prosperous economy
You might be thinking, “Okay, so why
should the government invest money in a study about the genetic makeup of a
fly? That won’t make our economy any money.” Though it is not obvious from the
name of the study, funding for such basic research has actually generated some
of the highest ROI of any government program.
Economic wealth is largely driven by
innovation and discovery. Innovation provided through government investments
has proven to strengthen our economy throughout history. For example, the
government investment in NASA has resulted in a multitude of non-space related
technology we use in everyday life like diapers, hair straighteners, and
nanotubes. There are estimates that for every dollar the government spent on NASA,
the amount returned to the economy in the form of GDP was $7. That’s
700%!! Can you imagine investing what you would spend on a bike, and getting
enough money back to buy a car?! YOU GO, NASA!
There are a lot of examples of large
ROI on government funded research. This article from the Center for American Progress provides several
good examples, as well as a more in-depth discussion of the economic benefits
of specific investment in research.
Unfortunately, over the past few
decades, the government has continued to invest less money in scientific
research as a result of the budget deficit. Our economy is falling behind in
innovation and discoveries to other countries, like China, that continue to
invest more in scientific research. Scientists are having a harder time finding
jobs in the U.S. because there is less money to hire them, and are moving to
other countries to continue pursuing their passions, further propagating the problem.
If private funding were making up
for this gap, it wouldn't be as
big a problem. But the opposite is happening. The private industry is also
investing less money in scientific research because applied research and basic
research complement one another. If you are interested in more specifics, an article recently posted in the Huffington Post talks about
why this is happening and its consequences.
Moral of the story: we NEED science
to have a prosperous economy. Scientific research needs funding, both from the
government and private companies. Not only is it fun to read and learn about,
but it is essential to the growth our economy. It will help keep those brains
well fed. And on that note…
Thanks for reading, and cheers to
your brain!
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