The political voting booth is a far weaker disciplinary mechanism than the profit-and-loss mechanism: politicians who back failed programs (like Amtrak) have incentives to keep pushing them rather than adjust, whereas a market failure (like the Edsel) leads to rapid reallocation of resources.
causalpending
Speaker
Peter BoettkeEvidence Quote
“the incentive for the politician is to actually continue to push the failed program rather than to adjust”
Created: 6/17/2026, 10:29:22 AM
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