By Christopher Mims

Over the past eight years, the state of Florida has invested close to a billion dollars to attract renowned research organizations to open up shop within its borders. But even with the arrival of several heavyweights, including the Scripps Research Institute and the Max Planck Institute, some continue to question whether the investment was worthwhile.

In July 2003, on a trip to Scripps Research Institute in La Jolla, California, Florida Governor Jeb Bush hatched a plan to add a recession-proof ‘fourth leg’ to the economy of Florida, which is still largely dependent on tourism, agriculture and construction. He believed his proposal would revolutionize the state no less than the invention of climate control, so he named the effort ‘Project Air Conditioning’. (Click here to continue reading)