Odd Lots

Adam Posen Has a Warning on the Danger of Bidenomics

7 snips
Aug 30, 2023
Adam Posen, President of the Peterson Institute for International Economics and former Bank of England committee member, shares insights on the Biden administration's industrial policy. He warns that the push for domestic manufacturing, especially in tech and green sectors, is based on flawed economic logic. Posen critiques the strategy for addressing competition from China, advocating for a more nuanced approach focusing on attracting talent rather than relying on aggressive subsidies. He emphasizes the need for balance in navigating complex geopolitical and economic realities.
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INSIGHT

Industrial Policy's True Aim

  • Biden's industrial policy is cloaked as rescuing the industrial sector but aims to win votes.
  • It may only affect a few towns and several hundred thousand people.
INSIGHT

Good vs. Bad Industrial Policy

  • Good industrial policy invests in public goods like infrastructure and skilled immigration.
  • It also ensures competition, even from international companies, to avoid corruption.
INSIGHT

Manufacturing Nostalgia

  • Nostalgia for manufacturing overlooks its adaptability and the diverse aspirations of workers.
  • The U.S. manufacturing sector's value-added share remains high despite lower employment due to increased productivity.
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