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Please consider the following argument in abbreviated form (original here).
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“Information is a public good because its consumption is nonrivalrous and it is very hard to exclude nonpayers from acquiring it once it has been generated. Thus in equilibrium the market will tend to provide too little information. When an initial entrepreneur discovers a new profitable product (the smart phone or the personal computer for example) he generates information on the profitability of this new product. If there is free entry, other potential entrepreneurs will use this information and will enter the market as producers of this new product. Because the information generated by the initial entrepreneur on the profitability of the new product is non rivalrous and it is very difficult to exclude others, the information generated by entrepreneurship will be under provided. In other words, in a free market, in equilibrium, entrepreneurship will be underprovided. Hence government must subsidize entrepreneurs.”
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What can be said in terms of Public Choice? What can be said in terms of pure theory? Please be social and answer in the comments!
Free Markets Don’t Provide Enough Entrepreneurship