Michael Spence has a Nobel Prize, and he’s a fan of industrial policy.
Disdainful of free marketeers’ “almost religious commitment to unfettered competition,” the economist believes government “capacity” can “act effectively as an investor and major buyer of products and services,” if “well-designed institutions” hire “people with talent and experience — receiving compensation to match.”
Mr. Spence, meet the Ariane 6.
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