I think part of the reason people feel so strongly about supply-side liberalisation in particular is that it seems so stupid: we are currently preventing people from doing the things we should want (building houses, producing energy, producing chemicals, etc.) through punitive tax and regulation. This is self-imposed. We control these policies. We could stop actively preventing these good things. Instead of restricting supply while subsidising demand more and more, we could end this cycle and saving taxpayers billions.
Add to that argument some Hayekian caution of industrial policy and add to that the public choice caution of industrial policy, supply-side reforms seem like the low-hanging fruit that a serious government would force through.
That said, I find your essay persuasive. We still have world-class expertise. Many of them will retire soon, often without successors. Moving quickly on good policy right now is highly important. The supply-side argument given above understates how difficult actually making these changes would be. Spending money to protect high GVA industries is achievable in our current political environment. We shouldn't let the perfect (supply-side reform plus highly-competent industrial policy) be the enemy of the good (highly-competent industrial policy).
Thank you for sharing this, spot on. But the how comes with the whos. Modern Industrialists are needed pro capital, pro technology and anti-exit now cyber augmented. Lunar Society 2.0. The UK has no longer the industrial base but it has the dots. But the sorting hat sees s problem and then builds yet another institution in Kings Cross, not one of them has a single Manufacturing Engineer (a real one). All in my articles. If you want to see my CL for ARIA CEO please send me your email..
A nation is not an economic zone, a nation is a race bound by shared genetics, history and culture. Until the demographic problem is fixed by deporting tens of millions of unwanted foreigners, none of this industry stuff matters. In fact it would almost be better for the consequences of immigration to become manifest through a failed economy.
Well written
I think part of the reason people feel so strongly about supply-side liberalisation in particular is that it seems so stupid: we are currently preventing people from doing the things we should want (building houses, producing energy, producing chemicals, etc.) through punitive tax and regulation. This is self-imposed. We control these policies. We could stop actively preventing these good things. Instead of restricting supply while subsidising demand more and more, we could end this cycle and saving taxpayers billions.
Add to that argument some Hayekian caution of industrial policy and add to that the public choice caution of industrial policy, supply-side reforms seem like the low-hanging fruit that a serious government would force through.
That said, I find your essay persuasive. We still have world-class expertise. Many of them will retire soon, often without successors. Moving quickly on good policy right now is highly important. The supply-side argument given above understates how difficult actually making these changes would be. Spending money to protect high GVA industries is achievable in our current political environment. We shouldn't let the perfect (supply-side reform plus highly-competent industrial policy) be the enemy of the good (highly-competent industrial policy).
Thank you for sharing this, spot on. But the how comes with the whos. Modern Industrialists are needed pro capital, pro technology and anti-exit now cyber augmented. Lunar Society 2.0. The UK has no longer the industrial base but it has the dots. But the sorting hat sees s problem and then builds yet another institution in Kings Cross, not one of them has a single Manufacturing Engineer (a real one). All in my articles. If you want to see my CL for ARIA CEO please send me your email..
A nation is not an economic zone, a nation is a race bound by shared genetics, history and culture. Until the demographic problem is fixed by deporting tens of millions of unwanted foreigners, none of this industry stuff matters. In fact it would almost be better for the consequences of immigration to become manifest through a failed economy.