Adam Smith points out that it doesn't matter if things are done for the greater good or not. Them existing will improve lives for everybody either way. The pro

Adam Smith points out that it doesn't matter if things are done for the greater good or not. Them existing will improve lives for everybody either way. The problem with government funded large project is that they often monopolize. In the Soviet Union to much investment was flowing into the wrong stuff. And small scale innovation didn't get the resources to grow. While mistakes on a high level lead to total stagnation. For example NASA building the Shuttle crowed out almost everything else, and because the Shuttle was the wrong way to go the US has spent 50 years doubling down on that. If a large company makes a really, really big bet on something, they can pay a very large cost if they are wrong. And this has been historically the case, large projects that don't get anywhere are canceled. Governments can double down almost forever. So I think we do need everything, innovation from maverick individuals, innovation from smaller companies, large innovation form big companies, innovation from government project, innovation from private/government funded universities. There is no perfect 'this is the way to get innovation' that we have yet discovered.