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How markets rather than government intervention produced a better vehicle
The Toyota Prius has reclining bucket seats, a CD player, a digital instrument panel in its dash, and shiny stainless steel buttons for its climate control system. The trunk holds five grocery bags and the backseat has room for six-footers. To a casual observer it looks like a typical Japanese economy-size car with a slightly bigger than normal interior.
Looks deceive. A peek under the hood reveals a big difference: A battery about half the width of the car sits next to a small four cylinder engine. The car's hybrid gas-electric propulsion system combines electric motors that ...