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





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"It has been frequently objected that this orientation of economic activity according to the profit motive, i.e., according to the yardstick of a surplus yield over costs, leaves out of consideration the interests of the nation as a whole and takes account only of the selfish interests of individuals, different from and often even contrary to the national interests. This idea lies at the bottom of all totalitarian planning", Bureaucracy (1945)

— Ludwig von Mises



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