Mission Preposterous: A Review of Moonshots and the New Industrial Policy

Michael Munger

Econ Journal Watch, 2024, vol. 21, issue 2, 450–459

Abstract: In Moonshots and the New Industrial Policy: Questioning the Mission Economy, edited by Magnus Henrekson, Christian Sandström, and Mikael Stenkula, the authors critically examine contemporary industrial policies and the growing trend of mission-driven state interventions. The analysis reflects on the historical context of economic interventionism, tracing its roots from early 20th-century theorists to modern advocates like Mariana Mazzucato. The volume highlights the tension between the allure of bold governmental initiatives designed to address grand challenges and the potential pitfalls of oversimplifying complex economic issues. Contributions from various scholars emphasize the distinction between engineering and entrepreneurship, arguing that while state-led projects may achieve significant engineering feats, they often fail to foster genuine entrepreneurial innovation. The authors warn against the seductive power of simplistic narratives that can lead to misguided policy initiatives, and contend that effective entrepreneurship relies on market-driven mechanisms rather than state direction. Overall, the editors advocate for a nuanced understanding of industrial policy, urging a reconsideration of the assumptions underpinning the mission-driven approach and its implications for future economic governance. This volume serves as a vital resource for policymakers and scholars engaged in the ongoing debate over the role of the state in economic innovation.

JEL-codes: O25 O38 (search for similar items in EconPapers)
Date: 2024
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