Complex Systems with Patrick McKenzie (patio11) The economics of discovery, with Ben Reinhardt
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Dec 4, 2025 Ben Reinhardt, Founder of Speculative Technologies and an expert in science funding, joins the discussion to dissect the flaws in the U.S. science funding structure. He critiques the antiquated categories of basic, applied, and development research, explaining how they often misrepresent scientific workflows. Reinhardt highlights the overlapping nature of projects like semiconductors and emphasizes the crucial role of process knowledge in successful experiments. He also challenges the efficiency of university tech transfer offices and advocates for innovative funding models that empower researchers.
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Distinguish Development From Pre‑Commercial Research
- Recognize where research funding flows: most public and private R&D goes to development, not basic science.
- Adjust expectations and policies to target pre-commercial research gaps rather than celebrating headline R&D totals.
R&D Totals Can Be Misleading
- Corporate R&D totals are inflated by development and accounting choices like tax credits.
- Software firms can classify routine product work as R&D to claim incentives, skewing comparisons.
Universities Hold Pre‑Commercial Risk
- Most pre-commercial research happens in universities and faces investor-unfriendly uncertainty.
- This makes universities the default incubators for risky science that private investors avoid.