Buying out inefficient industry

Alex Tabarrok has the goods with the salaciously titled "How to Use a Condom Optimally", which touches on a concept dear to me, which is simply paying off the employees of obsolete industries to quit and do something (anything) else rather than screwing the nation with protectionism or favoritism. Obviously this isn't a case as egregious as the steel tariffs (6 jobs lost for every job retained, I think it was) but $13.5 million a year adds up to real money after a while...

Share this