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4min chapter
Michael Munger on Industrial Policy
EconTalk
Is the Profit or the Loss an Insufficient Signal?
Profit is not a really good measure of whether a business deserves to be sustained or not. So you need some, you might want to bring in a different measure, say the critics. The usual set of market failures are not at the core of the argument for industrial policy. And we need government action to put a thumb on the scale one way or the other.
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