Economic Tidbits


“Most economists will tell you that government should only intervene where the costs of market failures outweigh the costs of government failure, a calculation that admittedly is often difficult to make in the abstract or without sufficient experience to test the outcome; further by that time, since government intervention has become the status quo it tends to be very difficult to change, let alone eliminate.” Robert E. Litan, Trillion Dollar Economists: How Economists and Their Ideas Have Transformed Business, John Wiley & Sons, Inc., 2014

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