Government is behind the boldest risks and biggest breakthroughs

Very interesting and important piece from the always excellent Martin Wolff. I always find it interesting that economists spend much more time talking about market failures than anyone else. The level of debate in politics particularly in America about the role of the market seems so abstract from what serious academic economists say. All economists obviously favor a market economy but are nowhere near as dogmatic as politicians who have no idea what they are talking about.

P.s. The recent republican fucking about with NIH grants and goals as depressing case in point.