TEG Working Group News Roundup June 30 – July 14
LeAnn
Fri, 07/14/2023 – 14:24
In this week’s edition, critics of industrial policy ask for more economics, North Korea tests a new ICBM, the G-7 makes a security pledge to Ukraine, Congress continues to develop AI policies, and the House Judiciary Committee investigates disinformation researchers. Additionally, Meta’s Threads platform grows rapidly, the consequences of the MOVEit hack continue, and a court ruling constrains government engagement with social media companies about misinformation.
Industrial Policy & International Security
This part of Bidenomics needs more economics | The Wall Street Journal
The US has embraced industrial policy, using government resources to support favored sectors such as semiconductors, renewable energy, and infrastructure. However, industrial policy lacks a rigorous economic foundation, leading to potential failures and a lack of consensus on its definition and goals. While Congress has allocated substantial funding to these initiatives such as the CHIPS Act, the lack of economic criteria for determining which industries to support and how much support they should receive poses a challenge. Some proponents of industrial policy, like Rep. Ro Khanna, argue that economists should not design it due to their limited appreciation of the nonquantifiable costs of deindustrialization. …read more
Source:: Hoover Institution
