Government Experimentation
The discussion centers around the challenges of incentives and information in both markets and government. Emphasizing the importance of experimentation, it suggests that governments should embrace trial and error to improve outcomes, even if it means making mistakes along the way. The conversation critiques the notion that institutional design can be easily fixed, arguing that real-world complexities make such changes far more challenging.In this clip
From this podcast
EconTalk
Michael Munger on Industrial Policy
Related Questions
What is the role of constitutions in the episode Does Market Failure Justify Government Intervention? (with Michael Munger) and the clip Expertise and Authority in relation to the episode Michael Munger on Choosing in Groups and the clip The Evolution of Rules?
Can regulatory agencies be burdened as discussed in the episode Does Market Failure Justify Government Intervention? (with Michael Munger) and the clip Bureaucracy and Effectiveness, as well as in the episode Arnold Kling on Reforming Government and Expertise and the clip The Intrusive Administrative State, specifically in relation to the SCOTUS curbing regulatory agencies’ powers and the clip Regulatory Powers Impact?