3 ms·
In economics, the closest analogy might be economic substitutes. Who was to predict that electricity would displace oil lamps but the electric pioneers? The car
by netbioserror 3y ago
In economics, the closest analogy might be economic substitutes. Who was to predict that electricity would displace oil lamps but the electric pioneers? The car to replace the horse-drawn carriage? Internal combustion to replace steam? The standard shipping container to replace irregular loading? Integrated circuits to replace mazes of wires and vacuum tubes? Spreadsheets to replace calculation workers? The Internet to quite nearly replace all uses of technical books? Government planners are not these pioneers and can never make universally applicable rules which hold their fairness into an unknowable future.
- narrator 3y agoThe worst outcome is when government promotes and protects bad science for ideological reasons. The classic examples being Lysenkoism in the Soviet Union and Mao's terrible ideas during The Great Leap Forward and subsequent famine.