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This report offers an introduction to the concept of industrial policy and planning. We will define what it is, where it has worked, and how to do it better—proposing five criteria to evaluate any plans in this space. Unlike generic fiscal and monetary policy, industrial policy is not neutral. Instead, it influences the allocation of labor and capital among the over 1,000 industries in the economy—encouraging some activities and discouraging others. While it is possible to have an industrial policy without an economy-wide planning process (ie, on an ad hoc basis for one industry at a time), it is preferable to have both, with a strong national mission at their center. This is why we use the phrase “industrial policy and planning.” Our report is divided into several sections: