Universities are inefficient by design but also have big payoffs for society.

We assume that private enterprise generates what is so casually called “innovation” all by itself. It does not. The Web browser you are using to read this essay was invented at the University of Illinois at Urbana-Champaign. The code that makes this page possible was invented at a publicly funded academic research center in Switzerland. That search engine you use many times a day, Google, was made possible by a grant from the National Science Foundation to support Stanford University. You didn’t get polio in your youth because of research done in the early 1950s at Case Western Reserve University. California wine is better because of the University of California at Davis. Hollywood movies are better because of UCLA. And your milk was not spoiled this morning because of work done at the University of Wisconsin at Madison.

Read more of this article at Slate.