… It’s page 13 of David Schmitz’s fresh-from-the-press book of 2023, Living together (emphasis in original)
What we need to avoid is not making mistakes ourselves, but being slow. acceptance Errors. Quick to admit mistakes, so being quick to learn drives growth.
DBX: Yes. And in this realization is another lesson for industrial policymakers. For their plans to work far and wide, government officials must have reliable knowledge of when their discretionary power is to spend other people’s money or to impose restrictions on how other people spend their own money. How good or weak are their subsidies and trade restrictions. But because these authorities censor many market signals and ignore many other signals that are not censored, these authorities do not get good and timely feedback about the implementation of their plans.
Furthermore, because neither the benefits nor the costs of decisions made by industrial policy mandarins are concentrated on those mandarins – these benefits and costs are dispersed throughout the country’s population – these mandarins will be much slower to adopt than private entrepreneurs and investors. Take corrective action even when there is evidence of their mistakes and mistakes.
The bottom line is someone who argues that industrial policy is a good way to improve the performance of the economy as a whole. He believes in miracles..
……..
Industrial policies are archery as seen here.
