You need to do a little critical thinking (remember college) when you read this … but for the most part I find this sound economic theory. Maybe I should ask Professor Williams.
Jim Lingren write over at Volokh.com
Making bad, uneconomic investments in failing industries does not, on balance, preserve jobs; it tends to destroy more jobs – and more good jobs – than it saves. If you give money to failing industries to save jobs, then you are probably taking even more jobs away from other industries who would hire or retain workers but for their higher expenses. In essence, throwing money down a hole may preserve jobs in the short term but should lose jobs in the medium and long term.