24 February 2012

Bureaucrats and Politicians Not So Good At Picking Economic Winners and Losers

The American: Government Is a Lousy Venture Capitalist
While government has a legitimate and valuable role in basic science, technology, engineering, and mathematics research, it is a lousy venture capitalist and is largely incapable of picking winning technologies in the market.
My favorite quote from this piece:
Government, like a really bad surgeon, sings the praises of patients it heals and buries those it mangles, quietly when it can, and loudly blaming others when it can’t.

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