CHAPTER 20
How Governments Can Create Value in Society Without Spending Money
All governments want to grow value within their societies and boost the happiness of their citizens. This is normally articulated through goals such as to grow incomes, to develop a business-friendly environment, to boost GDP per capita, to promote entrepreneurship and innovation.
Policy-makers rarely consider the mechanism through which value is created. With an ill-informed perspective on how value is created in society, government policy often ends up pursuing well-intentioned initiatives that diffuse efforts while investing in infrastructure for which the private sector is unwilling to pay. It is attempted value creation through subsidization of activities that ...
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