… is from page 42 of the May 9th, 2020, draft of the superb forthcoming monograph from Deirdre McCloskey and Alberto Mingardi, The Illiberal and Anti-Entrepreneurial State of Mariana Mazzucato:
We don’t say that every private investment is wise. Remember the failure rate. But at least it is voluntary, and correctible by failure, which the State can always avoid with additional coerced taxation and the corresponding subsidy to its good friends.
DBx: Described here is yet another pesky reality that is consistently ignored by proponents of industrial policy.
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