Standard economic theory predicts that the market will underfund public goods - goods where one person's consumption doesn't diminish another person's capacity

Standard economic theory predicts that the market will underfund public goods - goods where one person's consumption doesn't diminish another person's capacity to consume. R&D is a public good: https://www.asm.org/index.php/ceo-blog/item/5727-the-public-good-and-the-public-funding-of-science-2 https://www.asm.org/index.php/ceo-blog/item/5727-the-public-...