Host Steven Davis sits down with guest Glenn Hubbard, former dean of Columbia Business School and chairman of the US Council of Economic Advisers under President George W. Bush. They critique industrial policy as practiced under Presidents Trump and Biden and contrast that practice to the insights of Adam Smith, Milton Friedman, and Friedrich Hayek. They also sketch some elements of an economically sound industrial policy. Lastly, they turn to Hubbard’s vision of how to harness "Markets for the People” to advance prosperity for all Americans, while respecting individual liberties. Tune in for a thought-provoking take on the past, present, and future of economic policy in the United States. ABOUT THE SPEAKERS: Glenn Hubbard is the Director of Jerome A. Chazen Institute for Global Business, as well as dean emeritus and Russell L. Carson Professor of Finance and Economics at Columbia Business School. He earned his BA and BS degrees summa cum laude from the University of Central Florida and holds AM and PhD degrees in economics from Harvard. He has authored or co-authored more than 100 scholarly articles in economics and finance, three popular textbooks, and several other books: The Wall and the Bridge: Fear and Opportunity in Disruption’s Wake; The Aid Trap: Hard Truths About Ending Poverty; Balance: The Economics of Great Powers From Ancient Rome to Modern America; and Healthy, Wealthy, and Wise: Five Steps to a Better Health Care System. From 2001 to 2003, he chaired the US Council of Economic Advisers. Glenn is on the boards of TotalEngergies, BlackRock Fixed Income Funds, and MetLife (chair). He also co-chairs the Committee on Capital Markets Regulation and is past chair of the Economic Club of New York and the Study Group on Corporate Boards. Steven Davis is the Thomas W. and Susan B. Ford Senior Fellow and Director of Research at the Hoover Institution, and Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR). He is an economic adviser to the U.S. Congressional Budget Office, elected fellow of the Society of Labor Economists, and consultant to the Federal Reserve Bank of Atlanta. He co-founded the Economic Policy Uncertainty project, the U.S. Survey of Working Arrangements and Attitudes, the Global Survey of Working Arrangements, the Survey of Business Uncertainty, and the Stock Market Jumps project. He co-organizes the Asian Monetary Policy Forum, held annually in Singapore. Before joining Hoover, Davis was on the faculty at the University of Chicago Booth School of Business., serving as both distinguished service professor and deputy dean of the faculty. ABOUT THE SERIES: Each episode of the video podcast series Economics, Applied features senior fellow Steven Davis in conversation with leaders and researchers about economic developments and their ramifications. The goal is to bring evidence and economic reasoning to the table, drawing lessons for individuals, organizations, and society. The podcast also aims to showcase the value of individual initiative, markets, the rule of law, and sound policy in fostering prosperity and security. For more information, visit https://www.hoover.org/podcasts/economics-applied The opinions expressed are those of the authors and do not necessarily reflect the opinions of the Hoover Institution or Stanford University. © 2024 by the Board of Trustees of Leland Stanford Junior University. 🔔 Subscribe for more discussions: @HooverInstitution 👍 Like and share this video! 🌐 Follow us on social media: • Facebook: https://www.facebook.com/HooverInstStanford • LinkedIn: https://www.linkedin.com/company/hoover-institution-at-stanford-university • Instagram: https://instagram.com/hooverinstitution • X: https://www.twitter.com/HooverInst