Sorry, I’m not following. You are citing Hayek to argue what here?
That no central planner can know how much “ought” to be spent on research.
Ok. So we have less than 1% of GDP going to state-funded research. And where is that going to go?
I don’t know what people would spend their own money on. That’s the whole point.
Projects seeming “cool” is a very different claim than political rent-seeking.
Yes, which is why I made distinct points. One is the problem of rent-seeking, but the point you are responding to there is about misallocation.
my point earlier about only a small fraction of tax money going to academic research was (to be clear) about the claim that academic research would necessitate tax policy watchdog groups.
Oh every group of rent-seekers bleeding the polity dry claim that they’ve only made a small nick, so there’s no need to worry. Meanwhile we die of a thousand cuts. Are academia worse rent-seekers than (say) teachers? Obviously not. But the opportunity cost is probably higher, because they are far more likely to be able to do something productive.
That no central planner can know how much “ought” to be spent on research.
Since no one is arguing for complete central planning, I don’t see how this is relevant.
I don’t know what people would spend their own money on. That’s the whole point.
You are missing my point, maybe I should be more explicit: You have a tiny portion of GDP going to research, and most of those resources go back into the economy.
Oh every group of rent-seekers bleeding the polity dry claim that they’ve only made a small nick
Missing the point. You claimed that academics getting tax money for research necessitated the creation of tax payer watchdog groups. The point is that since there are much larger interest groups getting much more money who are much more effectively organized, the watchdog groups will be necessary no matter what.
That no central planner can know how much “ought” to be spent on research.
I don’t know what people would spend their own money on. That’s the whole point.
Yes, which is why I made distinct points. One is the problem of rent-seeking, but the point you are responding to there is about misallocation.
Oh every group of rent-seekers bleeding the polity dry claim that they’ve only made a small nick, so there’s no need to worry. Meanwhile we die of a thousand cuts. Are academia worse rent-seekers than (say) teachers? Obviously not. But the opportunity cost is probably higher, because they are far more likely to be able to do something productive.
Since no one is arguing for complete central planning, I don’t see how this is relevant.
You are missing my point, maybe I should be more explicit: You have a tiny portion of GDP going to research, and most of those resources go back into the economy.
Missing the point. You claimed that academics getting tax money for research necessitated the creation of tax payer watchdog groups. The point is that since there are much larger interest groups getting much more money who are much more effectively organized, the watchdog groups will be necessary no matter what.