Rodrik, who is the best known of the three, was positively inclined toward industrial policy even when few other economists were.
There are three justifications for industrial policy, each based on correcting a failure of the free market.
Third, private companies require certain inputs that only government can reasonably supply, such as a highway to a port.
Industrial policy can appear to be a failure if all you do is naïvely compare the performance of a sector with how much government support it receives.
Tariffs are the best-known form of industrial policy but possibly the worst because they raise prices for consumers.
Persons:
Rodrik, you’re, ”