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Opinion

Net Zero and Statism Deliver Stagnation: How Interventionism Undermined Growth in Canada and UK

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Net Zero and Statism Deliver Stagnation: How Interventionism Undermined Growth in Canada and UK
Protesters gather outside the Houses of Parliament in London to call for an end to the government awarding new licences for oil and gas production in the UK, on Sept. 4, 2023. Adrian Dennis/AFP via Getty Images
Daniel Lacalle
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Commentary

Governments are terrible at picking winners and even worse at choosing losers. Net zero and interventionist “Keynesian” policies in Canada and the United Kingdom have proven that government intervention has created a worse outcome than anyone would have expected. The result is higher costs, distorted incentives, and weakened productivity growth, with increased dependency on fossil fuels to attend to peak demand, exactly what Austrian economists predicted.

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Daniel Lacalle
Daniel Lacalle
Author
Daniel Lacalle, Ph.D., is chief economist at hedge fund Tressis and author of the bestselling books “Freedom or Equality” (2020), “Escape from the Central Bank Trap” (2017), “The Energy World Is Flat”​ (2015), and “Life in the Financial Markets.”