Is Industrial Policy Like Vitamin C or Penicillin?
When it comes to building a well-functioning economy, is industrial policy a vital nutrient that must be taken regularly and in modest amounts to avoid a deficiency? Or is it a treatment that should be used only when absolutely necessary to combat a specific type of infection?
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CAMBRIDGE – Vitamin C may not be particularly effective at preventing the common cold or treating cancer (notwithstanding Linus Pauling’s claims to the contrary), but a lack of it can cause scurvy. As a result, daily consumption is essential to a healthy diet. In contrast, penicillin cures bacterial infections, although its overuse can lead to drug-resistant germs. It should thus be taken only when absolutely necessary.