Quotation of the Day…

by Don Boudreaux on September 11, 2014

in Myths and Fallacies, Science, Subsidies

… is from page 255 of Matt Ridley’s 2010 book, The Rational Optimist:

As the scientist Terence Kealey has observed, modern politicians are in thrall to [Francis] Bacon.  They believe that the recipe for making new ideas is easy: pour public money into science, which is a public good, because nobody will pay for the generation of ideas if the taxpayer does not, and watch new technologies emerge from the downstream end of the pipe.  Trouble is, there are two false premises here: first, science is much more the daughter than the mother of technology; and second, it does not follow that only the taxpayer will pay for ideas in science.

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