Here's a quote from a great essay by Michael Munger on how much better markets are than political processes at producing innovation:
For political decisions, “good” simply means what most people think is good, and everyone has to accept the same thing. In markets, the good is decided by individuals, and we each get what we choose. This matters more than you might think. I don’t just mean that in markets you need money and in politics you need good hair and an entourage. Rather, the very nature of choices, and who chooses, is different in the two settings.
It's also a great introduction to some of the key insights economics has contributed on understanding the limits of politics. Not only that, but it's a fun read too!
Hattip Will Wilkinson
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