Many seem to think it is "unfair" to say that #entrepreneurs who didn't foresee the #pandemic "should" lose their businesses, because it is an unforeseeable event. But this completely misses the point: *every* event is unforeseeable for entrepreneurs. When you invest your own

money, it's not simply about figuring out (or guessing) that something will happen, but also when it will happen and what it means specifically for your investment. It is also not about having foresight, but about exercising good and proper judgment about what might happen and

how to best respond to it. Their problems are less about "foreseeing a pandemic" than about expecting something to happen and thus refrain from irreversible investments that lock you in. Yes, there is luck involved. But only because the future is uncertain. Superior entrepreneurs

exercised the good judgment to not invest everything in fixed capital (or even leverage their investments through loans) but remained agile and flexible to meet unforeseen changes. Those betting on no or only little change in consumer behavior were wrong and thus should lose

their investments so that the resources become available to those who exercised (and might exercise) better judgment and therefore can serve consumers better. A great change like the pandemic only speeds up the constant weeding out of ill-fit business ideas, business models, and

approaches. This being said, most entrepreneurs today are struggling (or were wiped out) not primarily because consumers changed their behavior, which would be a legitimate and just reason for failure, but because failure was imposed by government: lockdowns and shelter-in-place

decrees prohibited entrepreneurs from running their businesses and consumers rom behaving in the way they considered most appropriate and valuable. The result is an enormous loss for all of us (except, perhaps, the political class) in terms of lost opportunities to make a living,

wiped-out businesses, plummeting productivity, and crushed supply chains. It is, quite literally, a huge step backwards in time, an unrolling or deletion of accomplishments and achievements through many years of hard work and ingenuity. We're all poorer as a result, and some of

us--among entrepreneurs, those pushing the boundaries; among workers, those already vulnerable or struggling--are forced to bear the brunt of the burden. This is the legacy of politicians panicking, overreacting, and stepping beyond their authority and competence. Shame on them.