Back in February I argued that since bias is inherent in institutions we should encourage the government to be biased toward entrepreneurship and away from corporatism. The result of such a bias would be to favor newer—and presumably smaller—businesses over more established—and presumably larger—ones, thereby reducing the levels of regulatory capture and crony capitalism (at least in theory).
An implicit assumption in my post was that we should value small businesses. But Veronique de Rugy had made a compelling case against “America’s Small-Business Fetish” that has caused me to modify my position:
Read more on Valuing Innovation, Not Smallness…
