But that is not a property of private industry ... or I should say, it is, but it is not a difference with public industry.

In public industry the name of the game is to maximize subsidy for minimal actual work done. Lots of people, but nothing happens.

If you were alive in the 80s you would have seen this in action. People who "work" ... but not much at all. Many people, but zero activity. I'm told it was much worse in the 60s.