#MrMarket: What use "national industrial policy?" Is the Fed done after 11 hikes? Veronique de Rugy, Mercatus

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🗓️ 28 July 2023

⏱️ 11 minutes

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#MrMarket: What use "national industrial policy?" Is the Fed done after 11 hikes? Veronique de Rugy, Mercatus Centerhttps://www.creators.com/read/veronique-de-rugy/07/23/why-were-asking-the-wrong-question-about-the-industrial-policy-push

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0:00.0	At TFL, we're making journeys safer for everyone, and that includes improving safety on London's roads.
0:07.4	That's why we and London boroughs are lowering more speed limits to 20 miles per hour,
0:12.3	because 20 miles per hour roads have already reduced collisions resulting in deaths or
0:16.8	serious injuries by 24%. That is how we're making journeys in London safer and brighter for everyone.
0:24.8	Such TFL improvement plan to the Mayor of London and TFL every journey matters.
0:35.1	This is CVS. I am the world. I'm John Bashson. What is the mission of industrial policy,
0:41.6	national industrial policy? I welcome Veronique Pierre-Rosee of the Mercatus Centre,
0:46.8	writing a creator's syndicate. And here's a clue. It's not about jobs. A very good
0:53.4	evening to you, Veronique. The Biden administration is keen on a national industrial policy and a
0:59.7	number of directions. Chiefly, I want to emphasize in making microchips, the high-end stuff,
1:06.0	the really good stuff that we need to grow. However, in your essay, you say, this is not about jobs.
1:12.6	Why not? And what is it about? Good evening to you. Good evening. Well, the idea about
1:17.8	industrial policy is about reorganizing resources in the economy in the way that is different than
1:29.6	the way these resources and assets and investments are currently taking place. So that means
1:37.2	basically going against the allocation that market actors have chosen. And the economist
1:45.2	totally have an allowance for this in the case of national security or other important
1:52.8	goals to pursue where ultimately the economics of it and basically reorganizing things in the way
2:01.0	that's less efficient. We admit that has a cost, but if it's in pursuit of a higher goal,
2:10.9	that's okay. But the problem is a lot of the people who are trying to sell industrial policy
2:16.4	in this reorg by giving government incentives through tax breaks or loan guaranteed or subsidies
2:24.9	or things like this, they also want to claim that that cost is actually not just a cost. It's a
2:34.4	benefit. And in fact, the economy is going to run better than it was. And it's going to create
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