Without science, humankind is doomed to stagnation. That explains the heavy emphasis that the government has had on carrying out scientific research. Today’s world, however, is seeing a shift into heavier involvement of private companies and individuals in that aspect. I am of the opinion that the predicaments of the trend are to be eclipsed by the reaped rewards.
The dominance of the private sector in financing scholarly research has presented several shortcomings. The first setback is posed on the scientific landscape, which is likely to witness no significant breakthroughs in the future. Privately funded projects are those which focus on generating more sales for corporations and by doing so, they are often trivial in value when it concerns human knowledge. Another predicament is that the public is not able to enjoy the fruit of the research at a reasonable price. Nowhere is this more evident than in the field of pharmaceutical research, where the price to access medication afterwards is scaled up to the point only the elite is allowed to get sick.
Nevertheless, allowing science to be privatized has paved the way for more advantages. The most notable benefit lies in both the increased quantity and the enhanced diversity of scientific endeavors. While government funding often supports less risky projects, the private sector is more willing to venture into ambitious domains, spanning from space exploration to addressing climate change. Another immediate advantage that can be reaped is the security of employment in the field of research and also in downstream roles. Not only can scientists avoid the risk of having their research terminated halfway due to the lack of state funding, but many others can also find employment as engineers or doctors who help translate research into practical applications. Furthermore, the future generation will also benefit immensely from having more innovations to ease their life, the like of MRI scanner or GPS we are using in this day and age.
In conclusion, the funding ecosystem should be dominated by the private party, as I believe it presents a blessing at large