How Inefficiency Can Promote Growth

Inefficiency and Growth – at Moneyweek.co.uk - the best of the week's international financial media.

It's only natural for human beings to promote their own interests. In the case of political establishments this takes the form of passing more laws and regulating more, to give voters the impression of useful activity, create employment for themselves and their mates, and enhance their power. Boosting economic growth to raise living standards has a low priority compared to such self-serving objectives.

Could this be why inefficiency, or failure to implement laws and regulations effectively, can be a positive factor in society? Some examples:

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