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The New Economics of Industrial Policy

178
Citations
August 22, 2024
Published Date

Research Abstract & Technology Focus

We discuss the considerable literature that has developed in recent years providing rigorous evidence on how industrial policies work. This literature is a significant improvement over the earlier generation of empirical work, which was largely correlational and marred by interpretational problems. On the whole, the recent crop of papers offers a more positive take on industrial policy. We review the standard rationales and critiques of industrial policy and provide a broad overview of new empirical approaches to measurement. We discuss how the recent literature, paying close attention to measurement, causal inference, and economic structure, is offering a nuanced and contextual understanding of the effects of industrial policy. We re-evaluate the East Asian experience with industrial policy in light of recent results. Finally, we conclude by reviewing how industrial policy is being reshaped by a new understanding of governance, a richer set of policy instruments beyond subsidies, and the reality of deindustrialization.
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The New Economics of Industrial Policy

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This literature focuses on: We discuss the considerable literature that has developed in recent years providing rigorous evidence on how industrial policies work. This literature is a significant improvement over the earlier generation of empirical work, which was largely co...

Are there open-source GitHub repositories related to The New Economics of Industrial Policy?

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What other academic literature is closely related to 'The New Economics of Industrial Policy'?

Yes, highly correlated activity was mapped. An entry titled 'The New Economics of Industrial Policy' discusses this: We discuss the considerable literature that has developed in recent years providing rigorous evidence on how industrial policies work. This literat...

Are there commercial applications of 'The New Economics of Industrial Policy' in market news publications?

Yes, highly correlated activity was mapped. An entry titled 'Ford Says Its New Build Method Will Make Cars Cheaper to Fix. We're Not Buying It' discusses this: Ford is rethinking how the cars it builds comes together at the factory. That’s news enough, but there’s more: The Blue Oval’s manufacturing rethin...

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