HOW GOVERNMENTS GO WRONG: BAD DESIGNS
The frequent failures among public programs to stimulate entrepreneurship and venture capital suggest that many pitfalls face these efforts. The stark truth is that many more initiatives have been unsuccessful than successful. One benefit that policymakers today have, however, is that they can learn from the mistakes made in earlier years, and adjust their programs accordingly.
Readers may wonder how this book’s recommendations have been arrived at, given my cautions about the early stage of our knowledge. Indeed, not enough work has been done on how to structure entrepreneurship programs to ensure their greatest effectiveness and to avoid political distortions. But as I discuss later in this chapter, ...