1) IP has a loosely defined set of market imperfections
2) IP is implemented by bureaucrats that have little ability to identify imperfections
3) IP is overseen by politicians who are prone to corruption and rent-seeking.
4) The Market failure targeted by IP is often different from failure causing the problem.
5) IP is an invitation to corruption and rent-seeking, opens the door to preferred policies where the main purpose is to transfer income to politically-connected groups.
Rodrik believes a lot of these problems are suffered by standard government policies, He also believes that the informational and rent-seeking arguments are rebuttable as institutions can be constructed and arranged to achieve social objectives ( BoE inflation target).
Rodrik believes that in order to omve on , have to view IP as another default government policy.