If I put an effort into not being cynical, I would say public funds spent on R&D are the more accurate tax on hope. We are collecting money for Progress and Progress will save us from today’s inescapable facts. We hope it will not replace them with something worse.
I disagree, the vast majority of people I've known who gamble understand perfectly well that the odds are against them, they're not choosing to do it because they wrongly believe the EV to be positive.
In some cases it's because the enjoyment they get is worth losing money (and/or they wrongly believe it will be), in some cases it's because even though buying weekly lottery tickets is extremely unlikely to be worth it, the tiny possibility of winning big on it is the only way they could possibly become a millionaire and they want to fantasise that it might still happen.
And the ones who are gambling in the belief that the odds are in their favour, it's not because of their maths, it's because they believe (rightly or wrongly) that their knowledge / opinions on a particular sport are good enough to beat the bookies.
Sure there are also people who think things like "my roulette strategy is bound to work", but it's a tiny proportion.
> Sure there are also people who think things like "my roulette strategy is bound to work", but it's a tiny proportion.
Depends on which activities you gamble on, I suppose.
There's an old quote: “When as a young and unknown man I started to be successful I was referred to as a gambler. My operations increased in scope. Then I was a speculator. The sphere of my activities continued to expand and presently I was known as a banker. Actually I had been doing the same thing all the time.”
I mean, if the stance is "Progress is bad, actually," then yes obviously government funding of basic research is really bad. If your stance is "ROI is bad, too" then absolutely, government funding of research is boneheaded.
