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Adam Posen Has a Warning on the Danger of Bidenomics | Odd Lots
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August 30, 2023
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49:08Now PlayingThe Biden administration has undertaken an aggressive effort to revitalize domestic manufacturing, particularly in areas like semiconductors and green technology. The reasons are manifold. The pandemic exposed frailties in the supply chain. Climate concerns have accelerated the urgency around the energy transition. And anxiety about growing Chinese dominance in key areas (such as batteries) has heightened geopolitical concerns. So now, day after day, we see spates of announcements of new factories being opened up in these areas. But what are the risks and dangers to this approach? On this episode of the podcast, recorded at the Jackson Hole Economic Symposium, we speak with Adam Posen, a former member of the Bank of England's Monetary Policy Committee who now serves as president of the Peterson Institute for International Economics. He warns that the basic logic for this domestic industrial policy is misguided and based on a faulty understanding of domestic economic dynamics. He also says that we're taking a wrong and dangerous approach to dealing with perceived competitive threats from China.
Intro -- 0:00
The four big risks of US industrial policy — 3:16
Can industrial policy be good? — 8:05
Is manufacturing worth subsidizing? — 10:54
What about supply chain resilience? — 16:23
How to address the rise of China — 21:02
How the US is competing with China — 24:43
How industrial policy could go bad — 31:45
Monetary policy in an age of fiscal activism — 36:07
What explains the decline in US productivity? — 41:34
Can trade wars lead to hot wars? — 43:55
Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets.
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