The Future of Industrial Policy

The Future of Industrial Policy

with

Sarah Jones MP
Shadow Minister for Industry and Decarbonisation 

In Conversation with

Sir Geoffrey Owen
Head of Industrial Policy, Policy Exchange,
Former Editor of the Financial Times

[syedadeelhussain]

British economic policymakers must use game theory to develop an Industrial policy mix.
Game theory is the only tool available in mathematical microeconomics or decision sciences which will help us to understand how rational and irrational economic agents will respond to both incentives and penalties within the model frameworks of various policies clubbed together to foster industrial growth horizontally and vertically.
Developing coordinated linkages between various sectors needs economic planning.
So being a Hayekian one would not like to go in that direction.
Important to distinguish between economic planning, policymaking and regulation.
All three are different economic decision-making tools.