The Relationship Between Firm Subsidy and Firm Entry

New firms can't compete, i in these new industries. Not getting the subsidies that are actually supposed to be targeted at them. I think one of the reasons maybe that industrial policy more broadly can be more distorting than we hope for is that it's really tough to pick emerging winners. And this is why you have scientific boards or whatever else. To see if someone has a great new technology and their partner with some research university,. Maybe you can findi an emerging company deserves a lot of subsidy.