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





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Adam Smith (13)

"The natural effort of every individual to better his own condition... is so powerful, that it is alone, and without any assistance, not only capable of carrying on the society to wealth and prosperity, but of surmounting a hundred impertinent obstructions with which the folly of human law too often encumbers its operations", The Wealth of Nations, Book IV Ch.V

— Adam Smith


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"To act on the belief that we possess the knowledge and the power which enable us to shape the processes of society entirely to our liking, knowledge which in fact we do not possess, is likely to make us do much harm."

— Friedrich August von Hayek



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