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Theory is the foundation of application. My wife's a 'theoretical' mathematician, and she has no problem with coming up with practical applications of the Math she studies.
Without a solid theoretical knowledge of whatever scientific or mechanical discipline you are attempting to master, you're just an assembly line worker.
I agree we fritter far too much money away on useless pseudo-disciplines like String Theory, Cultural & Gender Studies, Scociology etc etc.
But we risk throwing the baby out with the bathwater if we cut funding to ALL areas of theoretical study.
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