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Why Industrial Policy Is (Almost) Always a Bad Idea (with Scott Sumner)

EconTalk

CHAPTER

Reassessing Economic Shifts and National Security

This chapter challenges the belief that transitioning from a manufacturing to a service economy signifies a decline in wealth creation, positing that economic growth can occur through innovation. It discusses the implications of manufacturing loss on national security, while emphasizing the importance of a highly educated workforce and technological advancements. The conversation critiques exaggerated geopolitical fears, particularly regarding China, advocating for a balanced approach to security and economic policy that promotes deregulation over industrial protectionism.

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