I like Nicholas Wade, and think that his latest NY Times piece on basic research is worth reading. However, I take issue with his overly simplistic characterization of how research works:

Basic research, the attempt to understand the fundamental principles of science, is so risky, in fact, that only the federal government is willing to keep pouring money into it. It is a venture that produces far fewer hits than misses....
The most recent issue of symmetry magazine has a feature titled, "When Muons Collide," by Leah Hesla. [Full disclosure: I have also written for symmetry.] The article lays out the need for a muon collider as well as theoretical plans for building one.