[krisbolton]

I think it is valuable to the nation, some subjects are arguably more or less valuable, but its about talent at a macro level. If a nation doesn't invest in talent through PhD funding, talented people can and do go elsewhere, work in a diferent economy, contribute to a different society.

Obviously, that's only one avenue for talent. Some talented people never do a PhD, they may create start-ups etc instead. But its about fostering an ecosystem to develop and retain talent.