Earlier quoted context omitted.
Can you explain how the incentive structures differ? They don't seem significantly different to me.
Capital driven entities excel by maximizing revenue and minimizing cost. They perpetuate themselves and insulate their volatility by building vast warchests. A public equivalence however, excels by maximizing utility. They perpetuate themselves by making sure the value they provide is near the cost they incur. Take a gym for example. A private one wants to maximize membership dues but minimize actual facility use - t…
I don't think that makes sense economically, and I don't think it's true empirically. It's probably what the public wants a public institution to be.