The Myth Of Industrial PolicyGary S. Becker
A bandwagon is getting rolling in the U.S. for a new type of industrial policy that involves government subsidies for early development of technologies that can help America compete in the global marketplace. But I doubt whether the public sector will do a good job of directing applied research toward projects with commercial value. Entrepreneurs and investors should risk their own money, not taxpayers', in the competition to work up profitable technologies.
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