If there's something economically useful that requires the LHC to discover it, that might also require building an LHC to produce it. When scientific experiments become prohibitively expensive, that means it's probably less useful to any industry which doesn't have unlimited funds to invest (which is all of them). Don't get me wrong. I'm sure there could be exceptions to this rule. But when there are exceptions, we probably could have made the discoveries more economically, too.
So arguably, this mental model suggests that science is often outspending industry by far too much to be practically applicable, at least in the short term.
Related: https://marginalrevolution.com/marginalrevolution/2024/02/is-science-a-public-good.html
The question of whether science is a public good is not merely technical but has significant implications. If science is a public good, markets will likely underproduce it, making government subsidies to universities crucial for stimulating R&D and economic growth. Conversely, if ideas are embodied and thus closely tied to their application, government funding for university research might not only fail to enhance economic growth but could also hinder it. This occurs as subsidies draw scientists away from firms, where their knowledge directly contributes to product development, towards universities, where their insights risk becoming lost in the ivory tower. (Teaching scientists who then go on to careers in the private sector is much more likely to be complementary to productivity growth than funding research which pulls scientists away from the private sector.)
In a commentary on Arora et al., the Economist notes that growth in universities and government science has coincided with a slowdown in productivity.
The paper linked in that post:
https://www.nber.org/papers/w31899
We study the relationships between corporate R&D and three components of public science: knowledge, human capital, and invention. We identify the relationships through firm-specific exposure to changes in federal agency R\&D budgets that are driven by the political composition of congressional appropriations subcommittees. Our results indicate that R&D by established firms, which account for more than three-quarters of business R&D, is affected by scientific knowledge produced by universities only when the latter is embodied in inventions or PhD scientists. Human capital trained by universities fosters innovation in firms. However, inventions from universities and public research institutes substitute for corporate inventions and reduce the demand for internal research by corporations, perhaps reflecting downstream competition from startups that commercialize university inventions. Moreover, abstract knowledge advances per se elicit little or no response. Our findings question the belief that public science represents a non-rival public good that feeds into corporate R&D through knowledge spillovers.