What impact does government funded basic research have on the economy?

The video discusses the process of generating ideas through basic research and translating them into commercial activities. This process contributes to an economic cycle where businesses pay taxes and hire people, who in turn pay taxes, feeding back into the federal budget to support new ideas. This cycle is integral to the economy and societal development.

What role does basic research play in generating new ideas?

How does commercial activity contribute to the economy?

What is the significance of the relationship between research and society?

In what way do taxes and employment feedback into the federal budget?

Describe the economic cycle mentioned in the text.