> Meritocracy. The mathematicians at Princeton University are going to be producing potentially more valuable pure math research than a professor at name state university 145.
On average, maybe … but, if we just axe those at NSU 145, then we're definitely not going to be funding the proof of the bounded-gaps conjecture. Now, Zhang managed to prove it anyway (https://golem.ph.utexas.edu/category/2013/05/bounded_gaps_be...), but who knows how many people at small universities have a big proof in them, if they could only get the funding to have time to explore it?
(I would also argue that this is dangerously close to the point of view that big companies obviously know something about doing business successfully, so the best way to save government money spent on business is to cut out small-business loans.)
> I don't know what the exact figure is, but it wouldn't surprise me if it was less than 25% of math PhDs who don't go on to get a research job in math.
Did you flip a 'not' there? I suspect that it's the other way around, that less than 25% of math Ph.D.s do get a research job in math, or perhaps even worse. (At least, that's if by "research job in math" you mean "academic job in math with research expectations"; if you count industrial research, then maybe I believe it.)