The Industrial Policy Revolution I: The Role of Government by Joseph E. Stiglitz, Justin Yifu Lin (eds.)

By Joseph E. Stiglitz, Justin Yifu Lin (eds.)

This quantity is the results of the 2012 overseas financial Association's sequence of roundtables at the topic of business coverage. the 1st, 'New pondering on commercial Policy,' used to be hosted via the realm financial institution in Washington, D.C, and the second one, 'New pondering on business coverage: Implications for Africa,' used to be held in Pretoria, South Africa.

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But just as macroeconomics has evolved in two main directions in recent decades (the neoclassical and neo-Keynesian paths), two broad groups of theorists have emphasized very different types of rationales for industrial policy too. Neoclassical theory acknowledges the need for government intervention only in situations of market failures – when market mechanisms let alone do not allocate resources efficiently. These situations arise from three major sources: the first and most widely accepted case of market failure arises from positive externalities, generally defined as opportunities that are generated by investment or risk taken by one agent and yet benefiting others in the economy.

It is also an illustration of the tense debate over the appropriate role of government in economic policy, and the ultimate responsibility of policymakers who are expected to create the optimal conditions for social welfare maximization. Questions about the nature of political leadership in difficult times raise the fundamental issue of the scope of government intervention in economic policy. While the debates are often framed over the narrow issues of financial 19 20 The Industrial Policy Revolution I and macroeconomic management policies (as was the case in Iceland) and unemployment and social safety nets (as seen in both industrialized and developing countries), the reality is that they cover much broader problems about the pace, quality, and inclusiveness of growth.

The second section discusses some of the special issues that developing countries face when designing and implementing industrial policy. In “Technology Policies and Learning with Imperfect Governance,” Khan starts from the observation that developing countries can grow rapidly by absorbing known technologies from more advanced countries. Yet these countries often find it difficult to absorb even relatively simple technologies even when they have the resources to buy the relevant machines and have workers with the appropriate levels of formal education who are willing to work for relatively low wages.

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