Monday, December 03, 2012

The Privatization of Space - Timothy D. Terrell - Mises Daily

The Privatization of Space - Timothy D. Terrell - Mises Daily: "jobs are not the goal of the economy. We want the output from jobs, not the jobs themselves. This distinction is important, because any policy that subsidizes an industry in the effort to make sure that the industry hires workers is inevitably promoting a misallocation of those workers' skills. Superseding market prices for labor means that the other industries that had a more productive use for those workers (maybe in space flight, maybe not) must forego those workers. This reduces economic growth."

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