Scott Leslie passed this along. "We show that the $40,000 (Canadian) cost of preparation for a grant application and rejection by peer review in 2007 exceeded that of giving every qualified investigator a direct baseline discovery grant of $30,000 (average grant). This means the Canadian Federal Government could institute direct grants for 100% of qualified applicants for the same money." Ironically, this report is published in a subscription-locked peer-reviewed paper, the total cost of which is entangled in the mechanisms for selecting which papers are good enough to publish. Pot, meet kettle.
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