One possible economic reason for the under-investment is that gears-level models have very low depreciation rates, so they pay off over a very long timescale.
I would suspect it’s the other way around, that they have very high depreciation rates; we no longer have Feynman’s gears-level models, for example.
I would suspect it’s the other way around, that they have very high depreciation rates; we no longer have Feynman’s gears-level models, for example.