I think the biggest difference is the funding went from unrestricted to being very specific. A lot of questions are asked before money is given. But the answers for an interesting project may involve concepts and vocabulary that do not yet exist, ideas that are not currently trendy. While I can understand the desire to avoid misallocation, this model assumes the funder has a better idea of what needs resources that the funded. From the second point in the answer:
> 2. Fund people not projects — the scientists find the problems not the funders. So, for many reasons, you have to have the best researchers.
So yes, the total amount may be there but is now diverted.
> 2. Fund people not projects — the scientists find the problems not the funders. So, for many reasons, you have to have the best researchers.
So yes, the total amount may be there but is now diverted.