Why governments' attempts to pick winners produce more losers than winners.





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"The burden of proof has shited noticeably onto those who wish to defend government interventions; they must now establish not merely that these will in the circumstances assumed be beneficial if carried out as planned but also that they will not be waylaid by powerful interest groups. It is usually a hard case to make", Expectations and the Economy (1986)

— Professor Patrick Minford



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