Economics Explored

Gene Tunny and Nicholas Gruen dive deep into the economic implications of Trump's sweeping tariffs. They explore the micro and macroeconomic dimensions—from optimal tariff theory to trade deficits and geopolitical fallout. With humour, clarity, and urgency, they unpack why these tariffs will do more harm than good, both economically and politically. A video version of this episode will appear as an episode of the Uncomfortable Collisions with Reality podcast on Nicholas’s YouTube channel. Please let Gene know your thoughts on Trump’s tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.Update: As of Friday morning (GMT+10), 11 April 2025, Trump’s reciprocal tariffs on countries other than China have been delayed 90 days. TimestampsIntroduction and Purpose of the Podcast (0:00)Micro and Macroeconomics of Tariffs (3:17)Optimal Tariff and Economic Models (6:30)Challenges of Tariffs and Adjustment Costs (49:45)International Macroeconomic Implications (50:06)Historical Context and Policy Responses (1:06:52)Conclusion and Future Outlook (1:10:22)TakeawaysTariffs Are a Tax—Mostly Paid by Domestic Consumers: While Trump claims foreigners pay, economic models show that domestic consumers typically bear the burden.Optimal Tariff Theory Has Limits: While large economies might, in theory, benefit from some tariffs, real-world retaliation, adjustment costs, and supply chain complexities negate most benefits.Rule of Law Undermined: Trump's unilateral imposition of tariffs under national security justifications breaks trust in U.S. international agreements and damages credibility.Macroeconomic Drivers Are Key to Trade Deficits: Tariffs are a microeconomic tool used to address a macroeconomic problem—high consumption and low savings—which misses the real issue.Supply Chains Suffer from Tariff Shock: Modern manufacturing depends on intricate global supply chains. Tariffs disrupt production and create uncertainty for businesses.Links relevant to the conversationNicholas Gruen and Gene Tunny’s article “Why Trump’s tariffs are better than you think — and much worse”:https://www.crikey.com.au/2025/03/06/donald-trump-tariffs-impact-global-economy/Nicholas’s YouTube channel which hosts his Uncomfortable Collisions with Reality podcast:https://www.youtube.com/@NicholasGruenLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Are Trump’s tariffs a masterstroke of economic negotiation or a blunder with global consequences? Show host Gene Tunny and returning guest Darren Brady Nelson debate the rationale behind punitive tariffs, the backlash from markets, and whether this is all part of a broader deal-making strategy. They also discuss Elon Musk’s DOGE initiative and Darren’s run-in with a wild turkey on Wisconsin’s special elections campaign trail.Please let Gene know your thoughts on Trump’s tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.TimestampsIntroduction and Market Reaction to Trump's Tariffs (0:00)Darren Brady Nelson's Run-In with a Wild Turkey (1:45)Assessment of Trump's Tariffs (6:51)Formula for Calculating Tariffs (12:26)Impact on Consumers and Businesses (19:59)National Security Considerations (37:06)DOGE's Role in Identifying Waste and Fraud (44:07)Wisconsin Special Election and Voter ID Law (55:14)Australian Election Predictions (1:00:42)Final Thoughts and Closing Remarks (1:05:44)Links relevant to the conversationTrump’s Executive Order “Regulating Imports with a Reciprocal Tariff to Rectify Trade Practices that Contribute to Large and Persistent Annual United States Goods Trade Deficits”:https://www.whitehouse.gov/presidential-actions/2025/04/regulating-imports-with-a-reciprocal-tariff-to-rectify-trade-practices-that-contribute-to-large-and-persistent-annual-united-states-goods-trade-deficits/Statement by IMF Managing Director Kristalina Georgieva:https://www.imf.org/en/News/Articles/2025/04/03/pr2587-statement-by-imf-managing-director-kristalina-georgievaDarren’s 2018 article “Trumpʼs tariffs: free, fair or foul trade?”, in which he discusses Adam Smith and free trade: https://drive.google.com/file/d/1xQEt4n1bJ-W3RN2-H7_0w3q6vcI3eBCc/view?usp=sharingDan Mitchell’s “Six Visuals to Understand Trump’s Suicidal Tax Increase on Trade”:https://www.imf.org/en/News/Articles/2025/04/03/pr2587-statement-by-imf-managing-director-kristalina-georgievaCNN reporting, “This is the dubious way Trump calculated his ‘reciprocal’ tariffs”:https://edition.cnn.com/2025/04/03/economy/reciprocal-tariff-math/index.htmlAxios reporting, “Trump's surprisingly simple tariff math”:https://www.axios.com/2025/04/03/how-trump-calculated-tariffs-trade-deficitCNBC reporting, “Trump open to tariff negotiations, contradicting White House aides”:https://www.cnbc.com/2025/04/03/trump-tariffs-live-updates-stock-market-trade-war.htmlNote this reporting: ‘Top Trump trade advisor Peter Navarro denied that Trump’s new tariffs are being used as a tool to negotiate better trade terms with other countries.’Great Reset discussion with Darren from 2020:https://economics-explained.simplecast.com/episodes/the-great-resetDOGE’s reported savings:https://doge.gov/savingsLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Show host Gene Tunny and the World Bank’s Nilima Ramteke delve into the transformative impact of fast payments. They discuss how Project FASTT (Frictionless Affordable Safe Timely Transactions) bridges financial gaps and drives inclusive economic development worldwide. For example, they cover how QR codes and mobile apps make digital payments more accessible for small merchants and rural communities.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.TimestampsIntroduction (0:00)Overview of Project FASTT (2:28)Benefits and Implementation of Fast Payment Systems (7:50)Challenges in Implementing Fast Payment Systems (14:51)Role of Central Banks and Trust in Fast Payment Systems (20:33)Impact of Fast Payment Systems on Cryptocurrencies (25:53)Conclusion (31:36)TakeawaysFast payments enable 24/7, low-cost, secure, real-time transactions, making them vital for financial inclusion.Project FASTT provides a toolkit and support for implementing fast payment systems globally.Central banks, in collaboration with private sectors, play a key role in designing and implementing fast payment systems.QR codes and mobile apps make digital payments more accessible for small merchants and rural communities.Fast payments offer an alternative to cryptocurrencies in emerging markets, significantly where volatility and regulatory risks hinder crypto adoption.Links relevant to the conversationWorld Bank Project FASTT website: https://fastpayments.worldbank.org/World Bank paper on “What Does Digital Money Mean for Emerging Market and Developing Economies”:https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099736004212241389/p17300602cf6160aa094db0c3b4f5b072fcLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

There’s an upcoming election in Australia, and housing will be a big issue. Show host Gene Tunny chats with Fusion Party candidate Owen Miller about Fusion’s sweeping housing policy proposals. Topics include eliminating negative gearing, taxing capital gains on owner-occupied homes, and increasing public housing. They also discuss ideas like charter cities, high-speed rail, and a government-run real estate platform.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About Owen MillerOwen Miller grew up in Sydney and has long been interested in science fiction, ultimately leading to the study of mechatronics (robotics & control systems) and computer science at the University of Sydney.After working in different software roles in Sydney and even dealing Blackjack for some months, Owen moved to Seattle to work on the recommender systems at Amazon. Owen later moved to New York and was involved in smaller startups, especially in hospitality. Although the start-ups didn't take off, this rite of passage involved less shielding from the real world and helped clarify the roles of the market and the state in the provision of essential aspects of life, such as software and social cooperation.In 2020, Owen started the Non-Human Party; a vision for an opt-in online nationality that would optimise the existence of robots and animals, in addition to humans.Upon moving to Melbourne in 2022, Owen became the Registered Officer of Fusion, with the hope of enabling Australia to reach its full potential as a wealthy, sustainable and harmonious paradise; a beacon for the rest of the world. He currently serves as Fusion’s Convenor.Owen was Fusion’s candidate for the 2023 Aston federal by-election.In 2024, he ran as a candidate for local council in Merri-bek (for the Bulleke-Bek ward).He will again be running as a federal candidate in 2025, this time in Wills.In 2024, Spotify classified Owen as belonging to the top 0.05% of Kylie Minogue fans.Source: https://www.fusionparty.org.au/owen_millerTimestampsIntroduction (0:00)Relationship Between Fusion Party and Pirate Party (3:07)Fusion Party's Housing Policy Goals (4:04)Comparisons with Other Countries and Tax Policy (6:19)Immigration and Housing Policy (9:09)Owner-Occupier Capital Gains Tax and Land Tax (12:53)Renter's Rights and Social Housing (17:16)Supply-Side Housing Policies (27:49)Liberté Account and Open Source Real Estate Listings (38:24)Final Thoughts and Wrap-Up (51:02)TakeawaysTax reform is central to Fusion’s housing strategy — They propose reducing capital gains tax discounts and phasing in land tax for all properties, including owner-occupied homes.Fusion supports a major investment in social housing — Advocating a jump from 3.2% to 10% of housing stock as public housing.Tenant rights need an upgrade — Fusion argues for banning no-fault evictions and establishing minimum standards like clean air and energy efficiency.Livret A accounts could revolutionize infrastructure funding — A French-style citizen savings bond to fund high-speed rail and public housing projects.Urban sprawl isn't the answer — Fusion favors infill development and transport-driven decentralization over expanding city fringes.Links relevant to the conversationFusion’s housing policy:https://www.fusionparty.org.au/housing_as_a_homeLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Show host Gene Tunny speaks with Louis O’Connor, CEO of Strategic Metals Invest, about the increasing demand for strategic metals like gallium, hafnium, and indium—essential for modern technology. They discuss China’s dominance in rare earth processing, the geopolitical stakes, and how supply chain vulnerabilities could impact global markets. Louis also shares insights into investing in these scarce resources.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.TimestampsIntroduction to Strategic Metals and Geopolitical Implications (0:00)Overview of Strategic Metals Invest (2:53)China's Dominance in Rare Earths (4:00)Characteristics and Importance of Strategic Metals (14:55)Investment in Strategic Metals (16:11)Geopolitical Risks and Supply Concentration (23:33)Private Investment and Market Opportunities (32:45)Historical Context and Future Outlook (43:09)Market Volatility and Investment Strategies (46:49)Partnership Opportunities and Future Growth (49:46)TakeawaysStrategic metals are crucial – Essential for semiconductors, defence, and energy transition, these metals are essential for modern technology.China dominates rare earth processing – While reserves exist elsewhere, China leads in refining, creating supply chain risks.Investing in scarcity – Private investors can own and store strategic metals, profiting from increasing demand and limited supply.Geopolitical tensions impact prices – Trade restrictions and conflicts can drive scarcity-driven price spikes.The West is racing to catch up – The U.S., Australia, and Europe are working to develop independent supply chains, but progress is slow.Links relevant to the conversationStrategic Metals Invest website:https://strategicmetalsinvest.com/Lynas Rare Earths (Australia’s Leading Rare Earth Producer):https://lynasrareearths.com/US DoD article “Securing Critical Minerals Vital to National Security, Official Says”:https://www.defense.gov/News/News-Stories/Article/Article/4026144/securing-critical-minerals-vital-to-national-security-official-says/Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

In this episode, Gene Tunny interviews Prof. Adam Boddison, CEO of the Association for Project Management. They explore why projects—whether in construction, IT, or public infrastructure—often go over budget and run late. Adam shares insights on project planning, risk management, and the importance of stakeholder engagement. They also discuss real-world case studies, including the Sydney Opera House and the Channel Tunnel, highlighting how long-term benefits sometimes outweigh initial budget overruns.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About this episode’s guest: Prof (Dr) Adam Boddison OBE Adam is Chief Executive of the Association for Project Management. He has a non-executive director portfolio that has previously included being Chair of the Corporation for a Further Education college and a Trustee for a multi-academy trust providing education for 32,000 pupils across 58 primary, secondary and specialist settings. Adam is also a Visiting Professor at Stranmillis University College (Queens University Belfast) and the University of Leicester (School of Business).Prior to this, Adam held a number of executive leadership roles including Chief Executive for nasen (National Association for Special Educational Needs), Director of the Centre for Professional Education at the University of Warwick and Academic Principal for IGGY (a global educational social network for gifted teenagers). He has published a range of education books and mathematics text books and is a qualified clinical hypnotherapist.Adam has a particular interest in leading organisations that deliver societal benefit.Source: https://www.adamboddison.com/Timestamps for EP275Introduction and Importance of Project Management (0:00)Overview of the Association for Project Management (2:59)Professional Qualifications and Training (5:58)Critical Chain Project Management (11:15)Challenges and Successes in Project Management (14:29)Examples of Successful Projects (26:16)Risk Management and Judgment in Project Management (30:40)Mega Projects and Project Management Literature (34:52)Adam’s work which led to his OBE award (39:00)TakeawaysMost projects fail at the start, not the end. Poor initial planning and unrealistic expectations often set projects up for failure.Stakeholder engagement is critical. Involving the right people from the beginning can prevent costly mistakes later.Project success is about more than time and budget. Long-term benefits, such as economic impact and societal improvements, should be factored in.Mega-projects are prone to overruns. Large-scale projects often face budget and timeline issues due to political, technical, and financial uncertainties.The "Pre-Mortem" approach helps mitigate risk. Imagining a project's worst-case scenario before starting can identify potential pitfalls early.Links relevant to the conversationAssociation for Project Management:https://www.apm.org.uk/Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Show host Gene Tunny sits down with Professor Cordelia Fine to discuss her latest book, Patriarchy Inc. Professor Fine argues gender biases are embedded in jobs and organizational structures, affecting women's career prospects. Topics include ‘greedy jobs,’ the undervaluation of feminized professions, the limits of diversity programs, and the role of evolutionary psychology in shaping gender assumptions. Whether you agree or disagree, this discussion offers a fresh perspective on gender in the modern economy.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About this episode’s guest: Professor Cordelia FineCordelia Fine is a Canadian-born British academic and writer. Her work analyses scientific and popular biological explanations of behavioural sex differences and workplace gender inequalities, explores the effects of gender-related attitudes and biases on judgements and decision-making, and contributes to debates about workplace gender equality. She is the author of three popular science books, published in 13 languages. Among other accolades, Testosterone Rex won the Royal Society Insight Investment Science Book Prize. She is currently a professor in the History & Philosophy of Science in the School of Historical & Philosophical Studies at the University of Melbourne.Timestamps for EP274Introduction (0:00)Cordelia Fine's Background and Interests (2:44)Defining Patriarchy and Its Persistence (4:45)Gender Pay Gap and Job Selection (12:03)Impact of Gender Norms and Stigma (23:09)Diversity, Equity, and Inclusion (DEI) Programs (33:01)Market Thinking vs. Relations Thinking (40:07)Alternative Evolutionary Perspectives (1:05:11)Conclusion and Recommendations (1:14:11)TakeawaysThe Gender Pay Gap Is Complex – It's not just about discrimination; factors like ‘greedy jobs’ (roles demanding long, inflexible hours) and the devaluation of feminized jobs play a major role.Diversity Initiatives Have Limits – Many corporate DEI (Diversity, Equity, and Inclusion) programs focus on ‘fixing’ women rather than addressing structural workplace issues.Workplace Norms Favor Men – High-status, high-paying jobs often assume an ‘ideal worker’ who can dedicate unlimited hours—an assumption that disadvantages women with caregiving roles.Traditional Economic Models Miss the Full Picture – Traditional market-based explanations of wage determination often overlook workplace hierarchies, organizational power dynamics, and societal gender norms.Evolutionary Psychology Oversimplifies Gender – Popular claims that men and women have biologically determined career preferences are challenged by alternative theories emphasizing cultural and social learning.Links relevant to the conversationCordelia Fine’s website:http://www.cordelia-fine.com/Patriarchy, Inc.:https://www.amazon.com.au/Patriarchy-Inc-Wrong-Gender-Equality/dp/1838953345Research showing increasing returns to overwork over time:https://journals.sagepub.com/doi/full/10.1177/0003122414528936The Gender Pay Debate: Understanding the Factors Behind the Gap w/ Dr Leonora Risse – EP230https://economicsexplored.com/2024/03/10/the-gender-pay-debate-understanding-the-factors-behind-the-gap-w-dr-leonora-risse-ep230/Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Kate Schecter, CEO of World Neighbors, returns to the show and reveals how empowering local communities leads to long-term self-sufficiency in developing economies. She explains that roads connecting isolated communities to local markets can massively improve opportunities. She also explains that even modest interventions, like access to municipal water, can have profound impacts. From disaster preparedness in Indonesia to sustainable farming in Africa, Kate illustrates how World Neighbors helps communities build resilience.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About this episode’s guest: Dr Kate SchecterKate Schecter, Ph.D., joined WN as President and Chief Executive Officer in June, 2014. Dr. Schecter is responsible for managing World Neighbors’ programs and operations in 14 countries in Asia, Africa, Latin America, and the Caribbean. In her previous position, she worked for the American International Health Alliance (AIHA) for 14 years.  As a Senior Program Officer at AIHA, she had responsibility for managing health partnerships throughout Eurasia and Central and Eastern Europe.  Through her work with over 35 partnerships addressing healthcare and treatment, she has extensive experience successfully implementing AIHA’s health partnership model.From 1997 to 2000, Dr. Schecter worked as a consultant for the World Bank specializing in healthcare reform and child welfare issues in Eurasia and Eastern Europe.  She taught political science at the University of Michigan in Ann Arbor for four years (1993-1997).  She has written extensively about healthcare in post-Soviet states, and has made three documentary films for PBS. Over the past eight years at World Neighbors, Dr. Schecter has authored or co-authored 21 articles about the challenges of international development in very poor rural countries, the impact of climate change, and how to help alleviate mass migration through effective international aid.Dr. Schecter holds a Ph.D. in political science from Columbia University and an M.A. in Soviet Studies from Harvard University. She is a member of the Council on Foreign Relations and served on the Board of Children’s National Medical Center in Washington, D.C. from 2010 to 2018.Timestamps for EP273Introduction (0:00)World Neighbors’ Geographical Reach and Recent Developments (2:34)Improving Climate Resilience in Agriculture (6:03)Disaster Preparedness and Community-Based Approaches (9:57)Connecting Communities with National and Regional Administrations (14:05)Funding and Operational Efficiency (23:21)Impact and Future Plans (27:08)Conclusion and Final Thoughts (29:24)TakeawaysInfrastructure can be transformative – Building a simple road or bridge can unlock market access for rural farmers, dramatically improving incomes and food security.Local savings and credit groups empower communities – These groups help farmers and entrepreneurs access capital for investments without relying on exploitative lenders.Disaster preparedness saves lives – Teaching communities to plan for floods, earthquakes, and other disasters helps them recover quickly and with fewer casualties.Indigenous crops can boost resilience – Reviving traditional drought-resistant crops helps communities adapt to climate change and maintain food security.Links relevant to the conversationKate’s previous appearance on the show:https://economicsexplored.com/2022/05/23/economic-development-through-savings-and-credit-groups-w-world-neighbors-ceo-kate-schecter-ep140/World Neighbor’s website:https://www.wn.org/Francis Fukuyama’s book Trust:https://www.amazon.com/Trust-Social-Virtues-Creation-Prosperity/dp/0029109760Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Is free trade always good for workers? Gene Tunny explores the Stolper-Samuelson theorem, which shows how trade can lower wages for some while benefiting others. He discusses key economic insights from Wolfgang Stolper and Paul Samuelson, real-world historical examples, and the implications for today’s global trade debates. If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.Timestamps for EP272Introduction (0:00)Explanation of Comparative Advantage and Free Trade (1:50)Background on Wolfgang Stolper and Paul Samuelson (5:50)The Heckscher-Ohlin Model and Indirect Factor Arbitrage (16:37)Stolper-Samuelson Theorem and Its Implications (26:35)Empirical Evidence and Historical Applications (31:53)Conclusion and Future Directions (32:19)TakeawaysFree Trade Creates Winners and Losers – The Stolper-Samuelson theorem predicts that free trade benefits the owners of a country’s relatively abundant factors (e.g., capitalists in capital-rich countries) but can harm the owners of relatively scarce factors (e.g., workers in industrialised economies).Economic Theory Still Favors Free Trade Overall – While trade can hurt specific groups, economists argue that overall national income rises, making it possible (though not always politically feasible) to compensate the losers.Historical Evidence Supports the Underlying Theory – Examples from 19th-century trade patterns show factor price convergence, with land rents rising in the U.S. while falling in Britain due to increased trade.Trade Policy Shapes Political Alliances – Farmers in land-rich nations like Australia and the USA often supported free trade, while industrial workers in capital-rich nations tended to favor protectionism.Links relevant to the conversationThe previous episode with Ian Fletcher:https://economicsexplored.com/2025/01/21/industrial-policy-vs-free-trade-w-ian-fletcher-coalition-for-a-prosperous-america-ep271/Stolper and Samuelson’s 1941 paper “Protection and Real Wages”:https://academic.oup.com/restud/article-abstract/9/1/58/1588589William Bernstein’s book “A Splendid Exchange: How Trade Shaped the World”:https://www.amazon.com.au/Splendid-Exchange-Trade-Shaped-World/dp/0802144160Roger Backhouse’s book “Founder of Modern Economics: Paul A. Samuelson: Volume 1: Becoming Samuelson, 1915-1948”:https://www.amazon.com.au/Founder-Modern-Economics-Samuelson-1915-1948/dp/0190664096Edward Leamer’s paper on the Hecksher-Ohlin model in theory and practice:https://ies.princeton.edu/pdf/S77.pdfLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Ian Fletcher, co-author of Industrial Policy for the United States, published by Cambridge University Press, joins the show to argue that free trade does not always serve national interests. Fletcher defines industrial policy as government intervention to support better industries, emphasizing that some industries are inherently more valuable. He highlights successful industrial policies in Japan, Korea, and Germany. Fletcher also discusses the role of tariffs in protecting domestic industries, using the example of U.S. electric vehicle tariffs on Chinese imports.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About this episode’s guest: Ian FletcherIan Fletcher is an Advisory Board Member for Coalition for a Prosperous America. He is the author of Free Trade Doesn't Work (2010) and a co-author of The Conservative Case Against Free Trade. He was Senior Economist at the Coalition for a Prosperous America and a Research Fellow at the US Business and Industry Council. He was educated at Columbia and Chicago.Timestamps for EP271Introduction (0:00)Defining Industrial Policy (3:31)Ian Fletcher's Journey into Industrial Policy (6:48)Better Industries and Manufacturing (11:27)Arguments Against Free Trade (18:10)Case Studies and Successes of Industrial Policy (28:07)Tariffs and Modern Industrial Policy (48:21)Taiwan's Success Story (51:46)Conclusion and Final Thoughts (53:51)TakeawaysIndustrial Policy Defined: Industrial policy focuses on nurturing high-value industries that provide higher wages and foster innovation.Free Trade Critique: While free trade reduces consumer costs, it can lead to job losses, regional economic disparities, and reliance on foreign manufacturing.Global Lessons: Successful industrial policies in countries like Taiwan and Germany show strategic government intervention can be successful in some instances, while failures in the UK and India underscore the risks of mismanagement.Technology Pipeline: Ian Fletcher argues that a robust pipeline connecting scientific research to commercialization is critical for maintaining competitiveness in manufacturing and innovation.Links relevant to the conversationIan’s book “Industrial Policy for the United States: Winning the Competition for Good Jobs and High-Value Industries”:https://www.amazon.com.au/Industrial-Policy-United-States-Competition/dp/1009243071Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.