January/February 2021, Paper: "Investors and managers have to deal with the economy as it is, and do business as best they can. New administrations make policy decisions with economic consequences, shaping costs and opportunities for firms. In that sense, it is possible to have a nonpartisan conversation about the technology policy dilemmas inherited by a new administration, and discuss how realistic policy changes shape the economic situation for firms. That is what today’s column provides—a nonpartisan survey of interesting technology policy issues to watch in the new administration. To be clear, there is professional opinion in this column—i.e., I made some judgment calls about what topics interest those in the technology business. To the best of my ability, however, I tried to stick to the economics and nothing else. This survey will show how many key decisions are up in the air. That has one important economic implication for investors: It creates a classic situation where new information about policy will move financial markets far in advance of the actual actions of firms responding to new policy. Expect indicators to move up and down immediately after decisions become public."
Non-HKS Author Website - Shane Greenstein