Paul Christiano discusses this consideration in The best reason to give later:
I think the most important impact of giving now is probably that it accelerates the process of learning. At the level of the EA movement, the main reason to be optimistic about better giving opportunities emerging in the future is that we will actively seek out such opportunities, and discover through experience what directions are most fruitful to explore. (As an individual you can expect your money to go further if you wait and do nothing, but only because you can benefit from the work of others.)
However, I think that most causes that EAs currently donate to are not responsible for this learning, except indirectly for the reasons explored in the last section (e.g., giving to AMF is not a cost-effective way of learning in and of itself, but may facilitate GiveWell’s other activities, which are a big driver of current learning). A relatively small set of activities seems to be responsible for most learning that is occurring (for example, much of GiveWell’s work, some work within the Centre for Effective Altruism, some strategy work within MIRI, hopefully parts of this blog, and a great number of other activities that can’t be so easily sliced up). The argument I’ve given definitely doesn’t justify delaying any of this funding: I’m recommending delaying object-level do-gooding relative to learning, not delaying do-gooding altogether.
However, it may be that some of these activities produce info much more efficiently than others, and depending on the relative importance of funding and haste it may be worthwhile to stall some of these activities while the most important info-gathering proceeds. To me it currently looks like the value of getting information faster is significantly higher than the value of money, and on the current margin I think most of these learning activities are underfunded. A more serious concern is that there seems to currently be a significant deficit of human capital specialized for this problem and willing to work on it (without already being committed to work on it), so barring some new recruitment strategies (e.g. paying market wages for non-EAs to do EA strategy research) there are significant issues with room for more funding.
These issues seem important to me, and I’ll certainly return to them in future posts. For now, I’d leave it at: a small fraction of activities EAs fund are directly producing relevant info, and those are probably important and worth scaling up. However, the majority of EA funding does not fall into this category.