Article: Forecasting the Socio-Economic Impact of the Large Hadron Collider: a Cost-Benefit Analysis to 2025 and Beyond
Authors: Massimo Florio, Stefano Forte, Emanuela Sirtori
Reference: arXiv:1603.00886v1 [physics.soc-ph]
Imagine this. You’re at a party talking to a non-physicist about your research.
If this scenario already has you cringing, imagine you’re actually feeling pretty encouraged this time. Your everyday analogy for the Higgs mechanism landed flawlessly and you’re even getting some interested questions in return. Right when you’re feeling like Neil DeGrasse Tyson himself, your flow grinds to a halt and you have to stammer an awkward answer to the question every particle physicist has nightmares about.
“Why are we spending so much money to discover these fundamental particles? Don’t they seem sort of… useless?”
Well, fair question. While us physicists simply get by with a passion for the field, a team of Italian economists actually did the legwork on this one. And they came up with a really encouraging answer.
The paper being summarized here performed a cost-benefit analysis of the LHC from 1993 to 2025, in order to estimate its eventual impact on the world at large. Not only does that include benefit to future scientific endeavors, but to industry ...