Industrial Policy Insights
The discussion highlights the historical awareness of information and incentive problems by the Cambridge welfare economists, dating back to 1920. A critical examination of industrial policy reveals the challenges of government intervention in markets, including the risks of political manipulation and rent-seeking behavior. Despite these concerns, the potential for experimentation in policy-making is emphasized, suggesting a need for a fresh perspective on past economic theories.In this clip
From this podcast
EconTalk
Does Market Failure Justify Government Intervention? (with Michael Munger)
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