An economic consensus on public research funding?

In the European IGM economic experts panel, 35% of surveyed economists agree or strongly agree that:

“Europeans would benefit more from an extra €1 billion of public R&D spent through existing (public) channels than from an extra €1 billion of private R&D spent through existing (private) channels, all else equal.”

While only 6% disagree and none strongly disagree.

Meanwhile 43% agree or strongly agree that:

“Europeans would benefit more from an extra €1 billion of public medical research spent through existing (public) channels than from an extra €1 billion of private medical research spent through existing (private) channels, all else equal.”

And none disagree.

Now admittedly, a striking number of respondents are uncertain, but I was struck by how few economists were willing to stump for private sector research, relative to private sector research supporters.

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