The essays in this open access volume identify the key ingredients for success in capitalizing on public investments in scientific projects and the development of large-scale research infrastructures. Investment in science - whether in education and training or through public funding for developing new research tools and technologies - is a crucial priority. Authors from big research laboratories/organizations, funding agencies and academia discuss how investing in science can produce societal benefits as well as identifying future challenges for scientists and policy makers. The volume cites different ways to assess the socio-economic impact of Research Infrastructures and their role as hubs of global collaboration, creativity and innovation. It highlights the different benefits stemming from fundamental research at the local, national and global level, while also inviting us to rethink the notion of "benefit" in the 21st century. Public investment is required to maintain the pace of technological and scientific advancements over the next decades. Far from advocating a radical transformation and massive expansion in funding, the authors suggest ways for maintaining a strong foundation of science and research to ensure that we continue to benefit from the outputs. The volume draws inspiration from the first "Economics of Big Science" workshop, held in Brussels in 2019 with the aim of creating a new space for dialogue and interaction between representatives of Big Science organizations, policy makers and academia. It aspires to provide useful reading for policy makers, scientists and students of science, who are increasingly called upon to explain the value of fundamental research and adopt the language and logic of economics when engaging in policy discussions.

The essays in this open access volume identify the key ingredients for success in capitalizing on public investments in scientific projects and the development of large-scale research infrastructures. Investment in science - whether in education and training or through public funding for developing new research tools and technologies - is a crucial priority. Authors from big research laboratories/organizations, funding agencies and academia discuss how investing in science can produce societal benefits as well as identifying future challenges for scientists and policy makers. The volume cites different ways to assess the socio-economic impact of Research Infrastructures and their role as hubs of global collaboration, creativity and innovation. It highlights the different benefits stemming from fundamental research at the local, national and global level, while also inviting us to rethink the notion of "benefit" in the 21st century. Public investment is required to maintain the pace of technological and scientific advancements over the next decades. Far from advocating a radical transformation and massive expansion in funding, the authors suggest ways for maintaining a strong foundation of science and research to ensure that we continue to benefit from the outputs. The volume draws inspiration from the first "Economics of Big Science" workshop, held in Brussels in 2019 with the aim of creating a new space for dialogue and interaction between representatives of Big Science organizations, policy makers and academia. It aspires to provide useful reading for policy makers, scientists and students of science, who are increasingly called upon to explain the value of fundamental research and adopt the language and logic of economics when engaging in policy discussions.

Housed by a 4 m diameter tunnel of 27 km circumference, with huge underground labs and numerous surface facilities, and set up with a precision of 0.1 mm per kilometer, the Large Electron-Positron Collider (LEP) was not only the largest but also one of the most sophisticated scientific research instruments ever created by Man. Located at CERN, near Geneva, LEP was built during the years 1983 - 1989, was operational until 2000, and corroborated the standard model of particle physics through continuous high precision measurements. The Author, director-general of CERN during the crucial period of the construction of LEP, recounts vividly the convoluted decision-making and technical implementation processes - the tunnel alone being a highly challenging geo- and civil engineering project - and the subsequent extremely fruitful period of scientific research. Finally he describes the difficult decision to close down LEP, at a time when the discovery of the Higgs boson seemed within reach. LEP was eventually dismantled in 2000, enabling the tunnel to be reused for building the next generation machine, the much more powerful Large Hadron Collider (LHC), an upgrade then called LEP3 and foreseen from the beginning. It became operational just as this account was being completed. Written by the main protagonist responsible for making LEP a reality, this is the definitive inside story of a remarkable machine and the many thousands of scientists and engineers from around the world, whose efforts contributed to the new knowledge it produced.