Premium: Beware new trend of government claiming credit for private sector innovation

Time to revisit Ayn Rand, particularly her fourth and final novel, Atlas Shrugged. Written in 1957, it's a powerful story of a dystopian society where entrepreneurs are denigrated and innovation attacked. Few who have read the book will forget the storyline or its main characters Dagny Taggart, Hank Rearden and, of course, John Galt..The commentary republished below by the Editorial Board of the Wall Street Journal is what's sending me back to Rand's masterpiece. It highlights a worrying trend. Spearheaded by the likes of University College London prof Mariana Mazzucato, there's a growing belief among bureaucrats that entrepreneurial success is actually due to the brilliance of bureaucrats..The last time I attended Davos, at a dinner the same Mazzucato sat between myself and SA's Public Enterprises minister Pravin Gordhan, who urged me to read her. As did fellow communist, cabinet colleague Ebrahim Patel. Mazzucato was also warmly greeted by Cyril Ramaphosa, who later appointed her (the only European) to his Economic Advisory Council..___STEADY_PAYWALL___.Rand argued that entrepreneurs are society's heroes. Mazzucato's thesis is the opposite – they succeed because of long-term investments by the public sector. China's communist president Xi's "shared prosperity" ideology reflects a similar mindset. Beware when bureaucrats devalue the role of human ingenuity. That slope is oil-slick slippery..More on the theme published today:.* Crisp: Private sector is to blame for much of SA's wasted healthcare spend. Deputy DG of Department of Health reckons NHI would see far more efficient application of the R500bn SAs spend annually on healthcare..* Biden's EV Tax Credit Puts UAW Over the Environment, Say Tesla, Toyota and Other Non-union Auto Makers. US consumers get full credit only if they buy union-built cars; White House says it wants to save middle-class jobs and the planet..* Biden Asks FTC to Examine Oil, Gas Companies' Role in High Gasoline Prices. President cites 'mounting evidence of anti-consumer behaviour' by oil and gas companies.NB FOR YOUR WALL STREET JOURNAL ACCESS….As a Premium subscriber you are entitled to full membership of wsj.com (normal price $29 a month). Be sure to action your access through the Premium link on the BizNews website. Because of The Wall Street Journal's credential requirements, be sure to create a password which has at least 8 characters and includes at least one letter and one number – NB it MAY NOT contain any special characters (ie #, !, @ etc). To maintain access to WSJ.com, you MUST enter our partner's website via BizNews Premium at least once a month. A final PS, if you had previously signed up for WSJ you'll need to clear the cookies from your device. Our help desk can assist – support@biznews.com.If you'd like to help sustain our independent voice, why not share the love by making a gift that keeps giving? Click here to access the BizNews Premium subscription signup form, and be sure tick the relevant box. At R100 a month and inclusive of full membership of The Wall Street Journal, it's a mind-expanding gift at an incredibly modest price..Also read:.MAILBOX: It looks like government has no money left to pay any pensionsMAILBOX: Geordin Hill-Lewis campaign platform 'more government rhetoric'MAILBOX: Local cement is lekker and government doesn't need to force us

Premium: Beware new trend of government claiming credit for private sector innovation

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