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Universities already do something useful with public money, eg cancer research etc.

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$E(X_t|F_s) = X_s,\quad t > s$
by martingale on Sat Apr 4th, 2009 at 05:38:18 AM EST
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Or education...

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Carrie (migeru at eurotrib dot com) on Sat Apr 4th, 2009 at 06:06:57 AM EST
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Those pesky students.... I'd forgotten about them :)

You know, sometimes I hear them in the corridors....

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$E(X_t|F_s) = X_s,\quad t > s$

by martingale on Sat Apr 4th, 2009 at 06:12:57 AM EST
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is the biggest problem with modern research universities.

See Morris Kline on the topic. He wrote over 30 years ago, but things haven't gotten any better.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Carrie (migeru at eurotrib dot com) on Sat Apr 4th, 2009 at 06:15:05 AM EST
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