In this episode Saifedean talks to Dr Terence Kealey, adjunct scholar at The Cato Institute, about government funding of science. They discuss the history of technological development including how the Industrial Revolution was able to take place in Britain at a time of limited government and no significant state support for science. They cover how western government involvement in science accelerated during the atmosphere of panic that followed the 1957 launch of Sputnik, and why the misguided policies that followed were based on flawed economic assumptions. Terence and Saifedean also critique some popular misconceptions about how scientific progress happens, including the influential work of Philippe Aghion, Ken Arrow and Mariana Mazzucato.Related links:Adam Smith’s The Wealth of Nations Rand Institute paper on government funding of science by Ken Arrow and Richard NelsonLudwig von Mises’ critique of socialismWhy Most Published Research Findings Are False by John P. A. Ioannidis The Big Fat Surprise by Nina Teicholz Genesis and Development of a Scientific Fact by Ludwik FleckIntroduction to Jason Potts Terence Kealey’s book Breakfast is a Dangerous MealTerence’s articles on Mazzucato are here and hereOpen: How Collaboration and Curiosity Shaped Humankind Paperback by Johan NorbergEnjoyed this episode? You can take part in podcast seminars, access Saifedean’s courses and read chapters of his forthcoming books by becoming a Saifedean.com member. Find out more here.THE BITCOIN STANDARD TOOLKIT/SPONSORSNYDIG - https://nydig.comCyphersafe - https://cyphersafe.io/ OKCoin - https://okcoin.com/Nodl - https://www.nodl.it/Coldcard - https://coldcardwallet.com/CoinBits App - https://coinbitsapp.com/