There is at least one positive to Trump's approach, though.
Design criteria for our industrial policies should include balanced trade, keeping capital investment flows roughly in balance
Venture capitalism has a disproportionate impact on the economy. It helps to ensure that technological innovation enriches the few and sustains jobless economic growth. Industrial policy in the hands of the government ideally creates wealth and spreads it around. Venture capitalists pick a handful of winners as part of a process of concentrating wealth in fewer and fewer hands.
With the current domestic natural gas boom serving as a bridge to this solar future, the United States has a chance to claim its role as a "solar superpower." But we must first recognize the need for a course correction in our industrial policy.
Can governments do anything to make their people more innovative? And, if they cannot, are we saying that those middle-income countries who fail to climb the technological ladder are "trapped" forever?
We need to think differently about trade. First, let me say that I am 100% in favor of trade. Trade is when we do what we do best, they do what they do best, and we trade. Trade, done right, will raise living standards.
Whatever happens to the price of those commodities matters a great deal for development and, even more, for the war on poverty. The problem is that those prices are famously volatile.
It is an old debate. Back in the '50s and '60s, from Asia to Latin-America, an idea caught fire among development economists: governments should try to create industries.
It is as if America woke up one morning to find that its arteries were sclerotic, its limbs stiff, its appetites and drives waning. Can we rouse ourselves and recover the suppleness of youth?
The world's best communications and transportation systems are no longer America's. The world's highest-value, largest and most dynamic industries are no longer America's. There is only one global industry that America truly dominates: Facebook. It employs 6,000 people.
As American eyes turn to London, it will be worth remembering that this will be London's second post-World War II Olympic Games, not the first, and that there are also medals to be won by comparing the condition of the UK during the last time the Games were held in London with its condition now.
Mainstream neoclassical economics assumes that new technologies grow automatically from advances in pure science. It also assumes that new technologies automatically commercialize themselves. But both these assumptions are observably untrue.
The American economy is in trouble now primarily because the industrial policy to which the Republican Party currently subscribes remains hugely influential and entirely inadequate.
We have strong historical and constitutional values about one-person one-vote and a government responsive to local communities. Right? Well, no. That's not right. Quite the opposite.
As Mitt Romney struggles in the polls against his Republican rivals for the GOP nomination, it may be time for him to focus more on industrial policy.
The headline of the article certainly grabbed me: "White House Offers Plan to Lure Jobs Back To America." But the passage that really got me, written by the story's author Annie Lowrey, said the Obama administration's package of proposals might add up to what economists call "an industrial policy," a term, she wrote, that the White House is loathe to use. Are you kidding? Loathe to use? Could this really be true?
We have to move to a "we are in this together" understanding of ourselves and our country if we want to bring back the shared prosperity we used to have.
In America, workers are pressured to accept wage cuts, loss of job security, elimination of pensions, and more shifting of
Getting things right with the BRICS plus Turkey is vital to all national security challenges in the future -- and managing the reality that China matters more than all the rest is the vital challenge that matters.
"There are multiple good ways to attack this problem," Bloom said. "I don't know if this one is going to work. No one can