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.
Innovation Matters: The Legacy of the Industrial Revolution (Part 1)
UNECE
48 minutes 1 second
1 year ago
Innovation Matters: The Legacy of the Industrial Revolution (Part 1)
In the mid-18th Century, the modern economy started to take shape. While limited to the invention of the factory system and the boom in the textile sector for the first decades, the Industrial Revolution brought unprecedented social and economic changes. Marking, in the words of prominent historian Eric Hobsbawn, “the most fundamental transformation of human life in the history of the world”, the innovative dynamism and legacy the industrial revolution created is alive and well today. In this episode of Innovation Matters, Professor Emma Griffin explains what prompted and upheld the industrial revolution and the innovative dynamism it paved the way for – and what we can learn from history on how to sustain innovative dynamism today and in the future.
Emma Griffin is professor of modern British history at the University of East Anglia and President of the Royal Historical Society.
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.
