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Yes, indeed, there is a huge untapped frontier in software, both for making discoveries (programs that find and fix their own bugs, for example), and for doing interesting research in other areas. One place to look is computational economics - building complex market scenarios and figuring out how they work. As far as I know, nobody did that before the big mess in California's energy market in 2000. See the Trading Agent Competition or Leigh Tesfatsion's summary of Agent-Based Computational Economics.