Forty years ago, American politicians claimed that Japanese economic success was due to government economic planning. Unfortunately, the myth of industrial policy never seems to die, no matter how many times it is discredited.
When speaking of government actions, Einstein's alleged definition of insanity comes to mind. But no one does exactly the same thing twice, per Heraclitus. In the end, however, government action is doomed for failure.
Is Big Tech a government creation—as the American Conservative recently claimed—or is it the result of entrepreneurs employing a mechanism created for noncommercial uses? It is both, writes Michael Rectenwald.
While both the Left and Right celebrate the government's new drive to subsidize American microchip manufacturing, we should remember that political "investments" always result in crony capitalist disasters.