One of the key elements of last nights budget was the announcement of a Medical Research Future Fund. A $20 billion fund to finance medical research. My initial thought was that this is a complete waste of money – the government is going to strip $20 billion out of the economy and health budget over the next few years and give the interest over to speculative curiosity driven research. This is just a thought bubble. An expensive thought bubble. It does howver mean that the very people – the medical fraternity – who would otherwise be highly critical of the co-payment have a $20 billion bribe to keep their heads down and mouths shut.
I don’t have time today to expand on this theme so I thought I’d provide some links to stuff I’ve written previously on this topic.
First – here is a presentation I gave a couple of years ago to the Baker IDI Heart and Diabetes Institute on the economics of science.
Then a backgrounder I wrote for the IPA – Back to Basics: Why government funding of science is a waste of our money.
Finally the myths of public science.