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" ... De-risking investment: There was a flood of drug maker resources to Covid response not only due to public spiritedness, but also because government helped to fund R&D and guarantee returns. For large threats, it does not pay to be stingy when the savings from a successful response can vastly exceed the costs paid more upfront to private sector firms. Of course, government can also be the principal investor in basic science and innovation, such as in nuclear fusion, when technologies are especially early-stage and lack a realistic medium-term path to monetization. ... "