Michael Munger on Industrial Policy 10/31

Economist and political scientist Michael Munger of Duke University talks about industrial policy with EconTalk host Russ Roberts. Munger argues that in a democracy, the default outcome for industrial policy is crony capitalism--attempts to improve on that outcome either by appointing experts or eliminating cronyism are going to fail for political reasons. The conversation concludes with a discussion of the reliability of Munger's claim and what options are left for dissatisfied reformers.
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[georgelord]

Mike will be having his econtalk golden jubilee within the next year or so

[matthewjohn]

Always love seeing Mike Munger on Econtalk, only started listening to Econtalk about 3 years ago, but have gone back and listened to all his appearances on the podcasts, I have learnt so much from him.

Tuesday mornings are even better with a new econtalk episode down here in New Zealand.

[rrosin]

Best part of Mondays is a fresh Econtalk

[lloydritchey]

That hair is going rather snowy, Mr. Munger!

[mirkoukic]

The best thing about conversations between these two is that I pick up some pro-market arguments that I later use when debating the other side

[kal]

This was super interesting, as I thought I would generally be pro Industrial policy, but this gave me food for thought. It would be great to see you two debate Rana Foroohar, as she has an interesting new book about post globalisation, she seems more pro-industrial policy. Curious: would all the DARPA investment in the nascent internet etc, be considered industrial policy/subsidization?

[Stvbcn]

The profit & loss system starts to fall apart when profits are immediate but any social damage done is only felt in a far off place or time. This is the case with industries powered by fossil fuels, or even with hospitality industries that facilitate the spread of Covid.

[nathancook]

“It’s bad policy to engage in institutional reforming because politicians won’t engage in it…. Don’t try to pass this because no one will pass it.” Is basically what they’re saying. What a joke. Public choice theory is such a joke of a “field”.