A reversal of long-standing beliefs about how economic growth works
Advocates of industrial policy have long argued that manufacturing possesses special powers. Industry’s demands lead to technological progress ; the goods it produces must pass the muster of global markets , which drives up efficiency. Some then take things further. When countries grow richer, manufacturing moves overseas as firms seek to reduce labour costs . This, they say, justifies tariffs and subsidies to protect manufacturing and boost growth.
Productivity has fallen in both durable manufacturing, which includes most tech, and the non-durable sort, which includes items like cigarettes and clothes. Fourteen out of 19 manufacturing sub-sectors, from machinery to textiles, saw declines during the 2010s. Perhaps all those computers have been put to poor use. America may be a technology superpower, but when it comes to using tech in the physical world it lags behind others.
Industrial Policy Manufacturing Technological Progress Global Markets Efficiency Labour Costs Tariffs Subsidies Growth
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