Caleb Watney on risk and science funding

Right now, DOGE is treating efficiency as a simple cost-cutting exercise. But science isn’t a procurement process; it’s an investment portfolio. If a venture capital firm measured efficiency purely by how little money it spent, rather than by the returns it generated, it wouldn’t last long. We invest in scientific research because we want returns — in knowledge, in lifesaving drugs, in technological capability. Generating those returns sometimes requires spending money on things that don’t fit neatly into a single grant proposal.

While it’s true that indirect costs serve an important function, they can also create perverse incentives: When the government promises to cover expenses, expenses tend to go up. But instead of slashing funding indiscriminately, we should be thinking about how to get the most out of every dollar we invest in science.

That means streamlining research regulations. Universities are drowning in bureaucracy. Since 1990, there have been 270 new rules that complicate how we conduct research. Institutional Review Boards, intended to protect people from being unethically experimented on in studies, now regularly review low-risk social science surveys that pose no real ethical concerns. Researchers generate reams of paperwork in legally mandated disclosures of every foreign contract and collaboration, even for countries such as the Netherlands that present no geopolitical risk.

We must also rethink how we select scientific research to fund.

Caleb is co-CEO of the Institute for Progress, here is more from the NYT.