Fear and Exaggeration
Fear often drives national policy, leading to exaggerated perceptions of threats, as seen with Iran's vulnerability and China's economic prowess. The notion that China will dominate the world economy is questioned, highlighting the importance of recognizing the potential for substitution and innovation in the face of sanctions. Recent events remind us that while some threats may be overstated, others can emerge unexpectedly, challenging our assumptions about security and power.In this clip
From this podcast
EconTalk
Why Industrial Policy Is (Almost) Always a Bad Idea (with Scott Sumner)
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