We don't have any reliable and scalable way of doing this allocation, though, so it's a bit like saying that all the resources are wasted being locked up in asteroids.

▲ dgacmu 3 hours ago | parent [-]

We do have a lot of policy levers that are tilted in favor of making money in finance, though, and we could change those levers.

  - The carried interest loophole
  - We could add small transaction taxes
  - We could raise capital gains taxes
  - We could be a little more focused on enforcing antitrust
  - We could raise higher end marginal tax rates to reduce the relative attractiveness of off-scale payrate jobs
  - We could provide better universal services to do the same

All of these things could shift people's interest in and ability to do work in areas of greater long-term societal importance without bringing in any form of centralized resource allocation.

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logicchains 3 hours ago | parent [-]

>long-term societal importance without bringing in any form of centralized resource allocation.

The onus is on the biomedicine industry to demonstrate it's capable of producing anything of societal importance because so far it's largely failed to deliver. There's nothing noble or scientific about throwing good money after bad into an industry that's continuously failed to deliver.

	▲	vladms an hour ago \| parent \| next [-]
		More people living more after cancer diagnosis? (ref: https://www.cancer.org/research/acs-research-news/people-are...)
	▲	wat10000 2 hours ago \| parent \| prev [-]
		Antibiotics? Vaccines?