WHEN PRESIDENT JOE BIDEN campaigned last year under the slogan “Build Back Better,” he signaled a break with decades of economic thinking that prescribed a limited government role in the economy. As the New York Times put it, Biden’s proposal to cut carbon emissions in half by 2030 is “perhaps the greatest bet in recent American histor y on what economists call industrial policy, the idea that the government can steer the development of jobs and industries in the economy.”