Odd Lots Chris Hughes on How to Craft a Thriving Market
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May 3, 2025 
In a compelling discussion, Chris Hughes, Facebook co-founder and current Ph.D. candidate in economics, shares insights from his book, Market Crafters. He explores how both political parties are shifting towards active market shaping. Hughes dives into the concept of market craft, its historical significance in the U.S., and the crucial balance between institutional roles and government influence. He highlights the rising bipartisan support for anti-monopoly action and innovative policy proposals addressing inflation and housing challenges, making a strong case for a redefined economic approach.
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Market Craft Defined
- Market craft involves policymakers actively shaping private markets to achieve public goals like economic security.
- This comprehensive approach includes efforts in healthcare, energy, finance, and technology sectors.
US Markets Are Crafted
- The US economy has many industries heavily influenced by the state from their inception.
- Markets do not operate as natural forces; government plays a key role in shaping them.
Noyce's Shift to Industrial Policy
- Intel co-founder Robert Noyce shifted from libertarian to advocate of industrial policy when Japan outcompeted US semiconductors.
- He partnered with the US government to create Semitech, aiding semiconductor industry recovery.
