80. Government Funding of Science with Terence Kealey | The Bitcoin Standard with Saifedean Ammous

In this episode Saifedean talks to Dr Terence Kealey, adjunct scholar at The Cato Institute, about government funding of science. They discuss the history of technological development including how the Industrial Revolution was able to take place in Britain at a time of limited government and no significant state support for science. They cover how western government involvement in science accelerated during the atmosphere of panic that followed the 1957 launch of Sputnik, and why the misguided policies that followed were based on flawed economic assumptions. Terence and Saifedean also critique some popular misconceptions about how scientific progress happens, including the influential work of Philippe Aghion, Ken Arrow and Mariana Mazzucato.