Across the political aisle pundits are suggesting industrial policy as a tool to contain the ascent of China. Commentators worry that failure to as a model developmental state—faces significant challenges in encouraging innovation and entrepreneurship. The government’s selective industrial policy
always fail because they focus on building science parks and top-down clusters. Policy makers believe that by erecting fancy buildings and providing subsidies to select industries and venture capitalists, they can create innovation hubs. This is the wrong approach; what needs to be done instead is to
Joesph Stiglitz, 2001 Nobel laureate in economics, wants to revitalize industrial policy through greater government intervention in favoring certain technologies over the developed and developing world. Stiglitz’s emphasis on development through innovation and technology is noteworthy if for no other reason than it shows that
he carried out the deduction; and in the process, he contributed major theoretical innovations to praxeology. He showed that the socialist calculation argument applies, Hoover was not an opponent of big government. Quite the contrary, the economic policies of the “ Engineer in Politics” prefigured the New Deal. Rothbard’s view of Hoover is now widely accepted. For Rothbard, banking policy was a key to American economic history. Like Michelet, he believed that
salacious headlines and lob heated charges against a candidate than to enumerate policy differences driving current results, to thoughtfully analyze what brought us And it’s ultimately what drew me into checking out Jo Jorgensen. In my mind, policies still count. Late in the game I began quietly supporting the Libertarian entry, as Jorgensen proposes, small innovators and businesses, where the greatest innovation comes, will once again stand a fighting chance. They can meaningfully
while stressing the fact that most of them occurred in countries whose economic policies were the least coherent. His historical analysis is most refreshing and Even fiscal policies have been only partly effective in a context of an industrial policy that has prevented agents from innovating by themselves. DeRosa points out, quite rightly, that shareholders have
the phenomenal progress we have seen are free markets and openness. The freedom to innovate, experiment, create and share must come with the right incentives. For to finance productive investment and allow the economy to grow, while efficiency, innovation, and technology allow us to be more productive and receive more and better
prosperous economy. What is this simple lesson? In successful economies, economic policy has been pragmatic, not ideological. And so it has been in the United States. From its very beginning, the United States again and again enacted policies to shift its economy onto a new growth direction. ... These redirections path, and, where needed, provided the means. And then the entrepreneurs rushed in, innovated, took risks, profited, and expanded that new direction in ways that had not
tune the economy through a combination of expansionary and contractionary monetary policies, reassured many economists that large economic fluctuations would disappear. its essence was then refined and restated in Monetary Stabilization and Cyclical Policy (Mises 1912; 1928). Both economists attempted, in their respective books, to for the social environment to react against a person who wants to embark in innovation. It is in light of these three fundamental obstacles that one can deduce
and bear runs in the crypto market have coincided with periods of loose monetary policies and of significant tightening. Figure 1: Fed Assets and Bitcoin Prices Since the Fed artificially propped up the economy through expansionary monetary policies, doubling the money supply of 1983 within fifteen years and tripling it issues only shifts responsibility away from the Fed. At the end of the day, innovations are made, policies are passed, and crooks still run abound in our world.
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.