If recent history shows anything, it is that no idea is so bad that it will not be embraced by a political entrepreneur seeking out support among the ‘marginalised’ (or those voters who can be persuaded that they are victims). So far we’ve seen funny money (Stephanie Kelton and MMT); anti-semitism (Corbyn, and Orban among a depressingly long list); and nationalisation (Corbyn again, as well as our local folly, the NBN). Oh, and, of course, trade protection (Trump’s tariffs.)
So it was always a matter of time before the policy class (clique?) started to recycle the ideas of ‘Industrial Policy’. And so it has come to pass: Kota and Mahoney and (paywalled) Innovation Should Be Made in the USA. When Pyrmonter was younger, this was the stuff of the populist Left (Lester Thurow, etc) with which respectable thinkers had no part (Ahem).
Study them carefully dear Cats. For if there is one thing almost as certain as the revival of bad ideas, it is that, with a short delay, those ideas will be recycled into our local ‘policy debate’. Fore-warned is fore-armed.