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If only all those academic economists were as loud about how to keep tech and industrial capacity from withering and moving to China, as they are with their cri
by like_any_other 2mo ago
If only all those academic economists were as loud about how to keep tech and industrial capacity from withering and moving to China, as they are with their criticism of attempts to prevent that. They don't even complain when China engages in protectionism, dumping, and general "market distorting" subsidies. Listening to them, you'd never learn that none of the advanced economies got that way by following their laissez-faire trade prescriptions [1].
And of course they limit their analysis to "welfare of the people", first-order, ignoring how loss of industry will (and is already) come back to bite us. As if our only interests were those of passive consumers.
[1] " ... none of the world's most successful trading regions, including Japan, Korea, Taiwan, and now mainland China, reached their current status by adopting neoliberal trading rules." - https://en.wikipedia.org/wiki/Comparative_advantage#Criticism https://en.wikipedia.org/wiki/Comparative_advantage#Criticis...
- Arodex 2mo agoMany academic economists are loud about those. It is the politicians who pick and chose the ones they prefer and want to promote. Just see how Laffer and his "Laffer curve" have been embraced by the right to cut taxes despite having no evidence at all about the shape of the curve. An idea literally born during a cosy dinner between Laffer, Rumsfeld, Cheney and a WSJ journalist.
- mdnahas 2mo agoEconomist here. Yes! Politicians choose to promote certain economists. I’m tired of answering questions about Modern Monetary Theory, which Bernie Sanders chose to promote. The creator is from an economics department ranked 259th. It’s a duuuumb theory. https://ideas.repec.org/top/top.econdept.html https://ideas.repec.org/top/top.econdept.html