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Bumping this essay to note that the underlying article is now out for submission to journals: papers.ssrn.com/sol3/papers....

Whoops, failed to post the one with the proposal: I propose a countercyclical excise tax/subsidy on new capacity additions, the core procyclical behavior. You can think of this as reversing current depreciation incentives. Firms should get negative depreciation at the top, bonus at the bottom.

I have a new working paper up on SSRN, Tax and the Law of Market Cycles. The core idea is: what if we applied everything we've learned about countercyclical macroprudential regulation to the boom-bust cycles of physical commodities and heavy industries? papers.ssrn.com/sol3/papers....

Industrial policy is often in tension with competition - a problem I call "the dilemma of picking winners." In this essay and the associated working paper, I propose a framework for doing industrial policy without entrenching the winners. lpeproject.org/blog/the-dil...

The Dilemma of Picking WinnersIndustrial policy will often require picking winners: if there were already many domestic firms capable of producing the desired output, there would be no compelling reason for subsidy or special…lpeproject.org

New draft! "Picking Winners: Industrial Policy and Monopoly." Govts inevitably funnel industrial policy to a handful of firms. I propose "anti-entrenchment industrial policy," a framework for picking winners without getting stuck with them.

Oil crisis is a fitting moment to share that my paper with Doni Bloomfield, The Law and Economics of Resilience, is now live: wustllawreview.org/2026/03/25/t...

Awesome stuff in here. Turns out a lot of my favorite people are “LPE-adjacent”

Great reporting. For more detail on the public-private electricity generation structures available under new Mexican laws, I found this helpful: www.projectfinance.law/publications...

Mexico Enacts New Laws for the Power Sector | Norton Rose FulbrightThe Mexican government has implemented sweeping legislation for the energy sector Mexico, including a new electric sector law -- called the LESEwww.projectfinance.law

I like a number of the people involved in this, but it's amusing to see the Tax Foundation folks (who are ideologically aligned) ripping apart the tax policy chapter (by Oren Cass) over on Twitter for a number of basic factual and conceptual errors. Cass is reminding us all the value of expertise...

The Techno-Industrial Policy PlaybookPolicies for kickstarting America’s techno-industrial renaissancewww.rebuilding.tech

Very DC, even the grocery stores getting in on abundance discourse

Excellent essay by @joeldodge07.bsky.social. "Everything bagel liberalism" might be a useful critique in theory but the examples critics have relied on (like childcare in CHIPS) are super weak. The firms got a good deal and the public got basic protections. washingtonmonthly.com/2025/04/24/i...

In Defense of Everything-Bagel Liberalism | Washington MonthlyCritics warned that the Biden administration put so many conditions on the grants it offered to semiconductor manufacturers that the centerpiece of its industrial policy would fail. Those conditions t...washingtonmonthly.com

Remarkable graph from Berkeley Lab's annual report on solar deployment (through 2023). PPA prices have closely tracked the cost of electricity, suggesting very low profit margins for merchant generators. Tempting to call it cost of service regulation.

@lingchenscholar.bsky.social chatgpt is absolutely convinced that you have published an article about the local politics and regional rivalries of China's semiconductor industry. While this seems totally hallucinatory, I'm sure many of us would be grateful for such an article!

Amazing opportunity for a creative litigator with interests in private law to break into legal academia and work with one of the smartest and most generous mentors imaginable (Daniel Markovits)

Happy to see commentary on industrial policy from people who were in the room. Sam rightly argues that Congress should allow agencies more iterative processes rather than linear waterfalls.This complements Bharat Ramamurti's point that incumbents lobbied for a slower process in the first place.

Obviously “current policy” is incoherent…but if it means you don’t need to cut the IRA and Medicaid…

Extremely @nathantankus.bsky.social / @lookheron.bsky.social style report on the administrative complexity of lithium pricing. There is supply and demand if you zoom out far enough, but not sufficient to describe what's going on in the details. www.oxfordenergy.org/wpcms/wp-con...

Why do we need to derisk investment in renewables? Because moving to renewables (here, exploiting variation in RPS) raises electric price volatility, which widens credit spreads. Better storage will mitigate the volatility, but price-smoothing policy can help too. papers.ssrn.com/sol3/papers....