Why governments' attempts to pick winners produce more losers than winners.
"Bureaucratic management is management of affairs which cannot be checked by economic calculation", Bureaucracy (1945)
"The only alternative to the determination of market prices by the choices of all consumers is the determination of values by the judgment of some small groups of men, no less liable to error and frustration than the majority, notwithstanding the fact that they are called 'authority'. No matter how the values of consumers' goods are determined, whether they are fixed by a dictatorial decision or by the choices of all consumers - the whole people - values are always relative, subjective, and human, never absolute, objective, and divine", Bureaucracy (1945)