Commentary
In 1980, I was struggling MBA student. The University of Toronto exposed me to the radical, for the times, ideas of the Chicago school economic thinkers like Milton Friedman and George Stigler, and Austrian school giants like Ludwig von Mises and Friedrich Hayek.
These two “schools” of economic thinking championed individual freedom and capitalism and challenged the Keynesian orthodoxy of constantly meddling in the economy. To this day, a core strategy of economic decision-makers influenced by Keynesian pragmatists has been for the government to pick the winners and losers in various industries and businesses. They have continued to do so with varying degrees of commitment and with limited success. In fact, the strategy almost always ends up being harmful eventually….