The hosts dive into the impact of government funding on science, especially in light of the US election. They discuss the anxiety within the scientific community over potential budget cuts and the balance between politics and research integrity. The financial returns from science investments are examined, revealing how £1 spent can yield significant returns. The conversation also touches on the influence of political agendas on public health and research funding, emphasizing the necessity of rigorous economic assessments.
The political landscape significantly impacts science funding, raising concerns about future leadership prioritizing evidence-based investments during the US election.
Endorsements of political candidates by scientific journals can undermine the integrity of scientific discourse and erode public trust in the scientific community.
Investing in scientific research yields high economic returns, but measuring long-term impacts remains complex due to various influencing factors and differing project outcomes.
Deep dives
The Impact of the US Election on Science Funding
The impact of the upcoming US election on science funding is a major concern within the scientific community. Scientists are apprehensive about the potential implications of leadership that may not prioritize evidence-based policy and research investments. The recent editorial from Nature, which argued for a president who respects scientific evidence, highlights these anxieties. The episode underscores the notion that political decisions play a critical role in determining science funding levels, and any shift in leadership could significantly affect scientific research and its funding.
Concerns About Political Endorsements by Scientific Journals
The discussion centers around the appropriateness of scientific journals endorsing political candidates, with a consensus that such endorsements dilute the integrity of scientific discourse. Scientific publications like New Scientist and Scientific American have faced criticism for stepping into the political realm, as it undermines the objective nature of research. The hosts express concern that these endorsements can lead to a lack of trust in the scientific community overall, particularly when the politics of the endorsements conflict with the scientific principles. A call is made to maintain a clear separation between science and politics to protect academic integrity.
Return on Investment in Scientific Research
Investment in scientific research demonstrates a significantly high return on investment (ROI), estimated at around 20 percent compared to the average 9-10 percent seen in other sectors. The hosts elaborate on how funding scientific research not only promotes innovation but also generates tangible economic benefits over time. They bring up specific examples, such as the milestone of André Geim's discovery of graphene, indicating how a single scientific advancement can yield substantial returns. However, they caution that while the average ROI appears high, the calculation may be influenced by various factors, including depreciation and varying rates of economic return across different projects.
The Challenge of Measuring Scientific Investment Outcomes
Determining the outcomes of investments in scientific research is complex due to the difficulty of measuring long-term economic impacts. The hosts explain that many studies rely on average returns rather than marginal returns, risking oversimplification of the economic benefits of scientific funding. Statistically deriving ROI from aggregate data may overlook complexities like crowding-in effects, where increased government funding can stimulate additional private sector investment. Furthermore, they emphasize that different scientific investments produce varied results, complicating the assessment of which areas yield the most economic benefits.
The Broader Social Value of Science Beyond Economics
Beyond economic returns, the podcast highlights the intrinsic value of scientific pursuit and knowledge for society at large. The hosts stress that not all valuable scientific research leads to immediate financial returns, and some breakthroughs can take years or decades to materialize into practical applications. They cite the development of mRNA vaccines during the pandemic as an example of groundbreaking science with life-altering impacts, further reinforcing the argument for supporting unprofitable research endeavors. The discussion encourages listeners to appreciate that the value of science extends beyond mere economic calculations and that investing in research is essential for long-term societal progress.
In a desperate attempt to be relevant given the US Election, Tom and Stuart dedicate this episode of The Studies Show to talking about government investment in science. How bad is it if politicians cut the science budget? Exactly how much do you get back for every pound or dollar spent on science—and how is that even calculated in the first place?
The Studies Show is brought to you by Works in Progress magazine—a journal of science, history, and technology that discusses the secrets behind human progress. You can read their published essays at worksinprogress.co, or their shorter pieces on their Substack at worksinprogress.news.
* 2024 UK National Centre for Universities and Business report finding that £1 of science investment leads to £3-4 of private investment
Credits
The Studies Show is produced by Julian Mayers at Yada Yada Productions. We’re grateful to Jonathan Haskel for talking to us for this episode; as always, any mistakes are our own.
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