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The Wall Street Journal Essay

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Submitted By TFog65
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The Wall Street Journal
Monday, September 13, 2010
“The U.S. Needs Its Own Industrial Policy”- A19
By: Jeremy Wiesen

After reading this opinionated article on how Jeremy Wiesen believes the United States needs its own industrial policy, I came to a conclusion that the main economic concept of this article could very well be summed as normative economics. Normative economics is the practice of recommending policies to solve economic problems (Hall & Lieberman 9). I chose this as the main economic concept of this article because Wiesen reiterates many times throughout the column that ”the United States needs new fast growing businesses like Microsoft, Google, and Home Depot that can grow from a few employees to tens of thousands.” What Wiesen is trying to express is an opinionated perspective of how a certain policy he deems to be correct can stimulate our economy. Wiesen then goes on to state “if the U.S. Small Business Administration were staffed by people with a deeper knowledge of entrepreneurship, then it could step up its small business investment corporation…” Here is another narrow-minded view of Wiesen, also known as normative economics, that he believes will help the United States strive. Although I am a little rusty on my Industrial Policies of the United States and the world, I can see where Wiesen is forming his hypothesis. But what makes this column one of normative economics is the fact that although many other economists, including me agree with Wiesen, there are many others who may think this is the worst idea ever

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