The economy isn’t a vast set of equations. It’s a complex discovery process done in real time. Even the best computers aren’t up to that.
Rapid advances in artificial intelligence have breathed new life into the notion that it would be possible to plan the economy given the abundance of data available. This vision, however, rests on a misunderstanding of the way the economy actually works, explains economist Peter J. Boettke in this Viewpoint published by the MEI.
Everyone claims to favour entrepreneurship, but politicians routinely propose various programs to help entrepreneurs, when they should instead concentrate on getting rid of policies that discourage them. Indeed, the empirical literature shows that interventionist policies are detrimental to entrepreneurship. The Austrian School of Economics has much to teach us about the kinds of policies that truly encourage entrepreneurship and wealth creation, and thus how to improve public policies in Canada.
How to Foster Entrepreneurship in Canada.
How to Foster Entrepreneurship in Canada.
