Noes for March 9-11
Noes for March 9-11 Econ 104
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This 2 page Class Notes was uploaded by Eunji Cho on Friday March 13, 2015. The Class Notes belongs to Econ 104 at University of Massachusetts taught by Robert Pollin in Spring2015. Since its upload, it has received 54 views.
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I was sick all last week and these notes were exactly what I needed to get caught up. Cheers!
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Date Created: 03/13/15
United States Role of Industrial Revolution What is industrial policy 0 Researchdevelopment commercialization adaptation Role of publicprivate sectors Vernon Ruttan 0 quotCan the private sector be relied on as a source of major new general purpose technologies The quick response is that it cannot When new technologies are radically different from existing technologies and the gains from advances in technology are so diffuse that they are difficult to capture by the rm conducting the research private rms have only weak incentives to invest in scienti c research or technology development Ruttan ls War Necessary for Economic Growth Ruttan s answer is yes 0 But he really means that industrial policy is necessary for economic growth Fastgrowing Asian economies all have practiced industrial policy in combination with markets 0 Not free market 0 Combining market competition with support for industrial development India today Martin Wolf in Financial Times US MilitaryBased Industrial Policy Major industries that emerged out of US military spending 0 Jet aviation 0 Nuclear energy 0 Space industries 0 Computers 0 Internet Forms of militarybased support 0 RampD 0 quotProcurementquot ie guaranteed markets Could the US Conduct Industrial Policies Outside the Military Military support not uniformly successful Agriculture biotechnology supported outside Pentagon Prospects for US support for manufacturing and green economy transition o How would procurement work Energy ef cient public buildings Green public transportation Guaranteed market for green electricity
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