Mistakes and Learning
The discussion highlights the inevitability of mistakes in both markets and government interventions, emphasizing that the frequency of errors can indicate a robust experimental approach. It contrasts the learning capabilities of each system, suggesting that markets may adapt more swiftly. The conversation also revisits historical perspectives on government experimentation, drawing parallels to modern debates about the effectiveness of industrial policy.In this clip
From this podcast
EconTalk
Does Market Failure Justify Government Intervention? (with Michael Munger)
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