Earlier quoted context omitted.
>What was lost, and who lost it? What's lost is opportunity . All that wealth could have gone into projects that produce lasting value: infrastructure, innovation, healthcare. Instead, it was sunk into an activity with no return. Misallocation of capital is a loss measured in foregone progress, society ends up poorer than it could have been, because while we could have had a new hospital or brigde, workers were busy…
>What's lost is opportunity. Surely it's my problem and my problem alone if I want to lose the opportunity to spend my money in something fruitful to instead spend it in something pointless and worthless. >while we could have had a new hospital or brigde Well, no. It was my money I spent. Regardless of what I was going to do with it, building hospitals and bridges was never in the cards. Let's say that I made my fort…
In other words: criticising waste != demanding central planning. It just means recognising that not all spending contributes equally to future prosperity.