Michael Munger on Industrial Policy

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4.7 • 4.3K Ratings

🗓️ 31 October 2022

⏱️ 70 minutes

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Summary

Economist and political scientist Michael Munger of Duke University talks about industrial policy with EconTalk host Russ Roberts. Munger argues that in a democracy, the default outcome for industrial policy is crony capitalism--attempts to improve on that outcome either by appointing experts or eliminating cronyism are going to fail for political reasons. The conversation concludes with a discussion of the reliability of Munger's claim and what options are left for dissatisfied reformers.

Transcript

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0:00.0	Welcome to Econ Talk, Conversations for the Curious, part of the Library of Economics
0:07.0	and Liberty.
0:08.0	I'm your host, Russ Roberts of Shalem College in Jerusalem and Stanford University's Hoover
0:13.0	Institution.
0:14.0	Go to econtalk.org where you can subscribe, comment on this episode and find links down
0:18.6	the information related to today's conversation.
0:21.6	You'll also find our archives, but every episode we've done going back to 2006.
0:26.8	Our email address is mail at econtalk.org.
0:30.3	We'd love to hear from you.
0:37.8	Today is October 18th, 2022, and my guest is Mike Munger of Duke University here for his
0:43.5	43rd appearance on econtalk.
0:46.5	Mike, welcome back.
0:47.5	It is such a pleasure as always, Russ.
0:49.6	Thank you.
0:50.6	Our topic for today is industrial policy.
0:54.3	Our conversation we based on a recent article you've published in the Journal of Law
0:58.0	Economics and Policy that we will link to.
1:00.4	But let's start with the basic definition.
1:02.9	When people talk about industrial policy, what do you think they have in mind today?
1:07.1	It may have changed over time, but it's a very popular topic.
1:11.6	What do people have in mind?
1:12.9	Well, if you do nothing, you still have an industrial policy in the sense that there's a set
	...

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