As the complexities of modern economies grow, traditional approaches to industrial policy face increasing scrutiny. For decades, debates have raged about how governments can intervene to foster innovation, address market failures, and create sustainable development paths. Today, industrial policy has undergone a transformation, and now embraces elements of market liberalism.
In this episode of Innovation Matters, Professor Michael Munger from Duke University explores these issues, suggesting that industrial policy often oscillates between two extremes: setting the foundational rules of the game for markets to thrive and directly managing industry outcomes through subsidies, regulations, or nationalization. He highlights the inherent tensions in these approaches, including the risks of rent-seeking, misaligned incentives, and the difficulty of predicting which innovations will succeed.
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As the complexities of modern economies grow, traditional approaches to industrial policy face increasing scrutiny. For decades, debates have raged about how governments can intervene to foster innovation, address market failures, and create sustainable development paths. Today, industrial policy has undergone a transformation, and now embraces elements of market liberalism.
In this episode of Innovation Matters, Professor Michael Munger from Duke University explores these issues, suggesting that industrial policy often oscillates between two extremes: setting the foundational rules of the game for markets to thrive and directly managing industry outcomes through subsidies, regulations, or nationalization. He highlights the inherent tensions in these approaches, including the risks of rent-seeking, misaligned incentives, and the difficulty of predicting which innovations will succeed.
In this episode of Innovation Matters, we delve into the complex interplay between government policies, market dynamics, and transformative innovation with Dr. Anders Kärnä. As we navigate through the nuances of economic development and public policy, Dr. Kärnä offers a critical analysis on how governments can either foster or hinder innovation through industrial policies. Drawing from historical examples and current economic theories, this episode explores the delicate balance between governmental intervention and market freedom that underpins successful innovation ecosystems worldwide.
UNECE
As the complexities of modern economies grow, traditional approaches to industrial policy face increasing scrutiny. For decades, debates have raged about how governments can intervene to foster innovation, address market failures, and create sustainable development paths. Today, industrial policy has undergone a transformation, and now embraces elements of market liberalism.
In this episode of Innovation Matters, Professor Michael Munger from Duke University explores these issues, suggesting that industrial policy often oscillates between two extremes: setting the foundational rules of the game for markets to thrive and directly managing industry outcomes through subsidies, regulations, or nationalization. He highlights the inherent tensions in these approaches, including the risks of rent-seeking, misaligned incentives, and the difficulty of predicting which innovations will succeed.
