[CuriouslyC]

The current approach to science is pretty much screwed. In addition to the things you mention, everyone in academic science is silo'd and hyperspecialized, so there is very little cross pollination and new thought in a given domain. As a result, we're getting very good at picking apart the details of established domains, but very bad at coming up with big new hypotheses or different approaches.

I really think industrial R&D is the way to go, we just have to shift grant money there in the form of tax breaks in exchange for open access/patents that permit non-commercial use.

[gajjanag]

All fine, but which industry would fund research in e.g algebraic geometry or black hole physics?

[CuriouslyC]

Algebraic geometry research doesn't need funding, it just needs some spare time for people who are interested in it. Black hole physics on the theoretical side is much the same. Astronomy on the other hand probably would get short shrift in an industry based science program, since it is expensive and the gain is pretty much entirely intellectual.

[SubiculumCode]

Bullshit.