Unproductive investment
Dec 23, 2020
3 minutes
NATIONS HAVE ONLY limited resources. The allocation of these resources to the most productive ends is crucial to maximising output and achieving the highest possible living standards. Lord Lawson was therefore right to deride Boris Johnson for “economic illiteracy” when the prime minister used the argument of job creation to justify his “green industrial revolution”. As Lawson said, a programme to erect Boris statues in every town and village would create jobs, but “that doesn’t make it a sensible thing to do”.
The state
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