In Service of the Republic by Vijay Kelkar & Ajay Shah

Author:Vijay Kelkar & Ajay Shah
Language: eng
Format: epub
ISBN: 9789353057138
Publisher: Penguin Random House India Private Limited
Published: 2019-11-10T16:00:00+00:00

25

System thinking

When a government gets involved in the working of society at the level of detail, this tends to go wrong. If a government is shaping products and processes, and favouring one technology over another, we are doing something wrong. If a government is ‘picking winners’—one firm over another, one industry over another, one technical standard over another—we are doing something wrong. We have to be sceptical about engineers bearing industrial policy. Social engineering works badly as the real world is too complex, intervention is ridden with unanticipated effects and state capacity is limited. The most advanced economies do the least industrial policy.

The government should restrict itself to addressing market failure, while being mindful to only pick a few battles given its low capabilities. The economy and society should evolve as a self-organizing system, driven by the innovations of free men and women.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.