William Shughart: Folly of Incentives

Posted on Tuesday, January 27, 2009 at 2:33 am

shughart_bill_100.jpgThe truth is: It is not government’s function to create jobs. Putting people to work is easy, as demonstrated by Franklin D. Roosevelt’s Depression-era Works Progress Administration (WPA), more accurately known as “WPA: We Piddle Around.” The bigger challenge is to create wealth. … If highly successful private firms like Toyota – with their extraordinary market research and years of savvy and experience – sometimes embark on projects that turn sour, how can we expect politicians, most of whom have no such business know-how, to pick winners? See here.