As far as I know the early ICs were much less reliable than circuits made from discrete components. It's the improvement made by private companies like Fairchild and others that made them practical. There's really a long path from invention to its practical application and the world benefited much from the improvements made by companies.
On the other hand scientific research is an example of a positive externality. According to economic theory the market underproduces this kind of goods. There are numerous measures to correct this including patents and public funding of science. We shouldn't dismiss the private companies nor public funding as both parts have positive contributions to science and are necessary for the science to operate effectively.
On the other hand scientific research is an example of a positive externality. According to economic theory the market underproduces this kind of goods. There are numerous measures to correct this including patents and public funding of science. We shouldn't dismiss the private companies nor public funding as both parts have positive contributions to science and are necessary for the science to operate effectively.