I think this is such an interesting question! Perhaps a new science of creative management. I guess there were a few places that presumably seemed to do this su

I think this is such an interesting question! Perhaps a new science of creative management. I guess there were a few places that presumably seemed to do this successfully (e.g. bell labs :)). There is probably a 51% problem somewhere in there, where the institution would need to make sure it isn't captured by those who would 'phone it in'. Maybe you could pay people a healthy sum to quit at any time. Managing a process which has no defined outcome, but whose local quality and direction can be measured seems like an interesting research path in itself. I think the institute would have to be bootstrapped and a lot of learning would have to take place to make a sustainable version of it. Also, as you say hiring would be challenging (though maybe no more challenging than hiring professors). However, I'll say that I can recognize at least one phenotype of researcher reliably who would thrive there.