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





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"There is great evil in the government undertaking any work which can be fairly done by private persons or companies. Officers of the government are seldom dismissed when once employed, or, if turned away, they receive pensions. Thus when the government establishes any new work, it cannot stop it without great expense, and the work is usually carried on whether it is done economically or not", Political Economy (1905)

— William Stanley Jevons



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