Tyranny of the Status Quo - Bureaucrats

Milton sits with a panel of students to discuss the always exciting topic of bureaucrats!

When you turn to the problem that is of so much concern to so many people today about how we achieve renewed industrial and economic progress, how we get out of the stagnation that we’ve been in for the last ten years with almost no change, no growth in industrial productivity or in output, you get into a whole lot of proposals, many of which are in some ways self-defeating. You have the standard example of the smokestack industries declining, steel, automobile and so on, the high-tech industries, computers and so on, rising.

So, we have proposals on the one hand, that you subsidize the high-tech industry, the smokestack industries so they stay here. You subsidize the high-tech industry so that they can compete, supposedly, with Japan or other high-tech countries. They’re self-defeating. And that in turn, leads everybody to talk about, “Well, we want to have a central economic plan, which would avoid all these self-defeating things.”

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