… University of Connecticut economist Richard Langlois’s Great Future (2023) study is page 8. The Corporation and the Twentieth Century:
Planning could not anticipate change, and management could not cope with innovation.
DBXHere Langlois writes about wartime economic planning, but the point holds in general. And it’s a point that proponents of industrial policy tend to ignore or minimize. Industrial policy makers do not understand or care that their plan will help if it is followed through It is a must. They must stifle all real economic change—indeed, their plan, if carried out consistently, It is a must. It must destroy all inventions.
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