I'm Just Being Mean to Danny Roderick. Not to Danny.

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Mike Downey: Some of my ideas for how to make the world a better place that I think of as realistic. He says it's like George Stigler and Milton Friedman used to differ in their view of the world. "You're just stuck with the reality because the political incentives are there," he says. 'I'm doing what I am supposed to do'

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.