Thursday, March 29, 2007
"'It' that shall not be endorsed!"
and the Potter of this story is Paul Krugman.
I'm reading a lot of the Offshoring literature, trade models, prognostications etc. these days.
It's fascinating how economists like to 'hype' up the whole phenomenon.."We don't realize the danger.."
"Just education won't do..", " all skilled jobs will be lost too.."..."Inequality will rise tremendously."
And so on...
But all don't fail to add this
"But, do not think we are endorsing protectionism as an answer! That will definitely not help"
How can they go againt free trade benefits. It's well established. It's a theory.
You aren't fit to be called an economist if you don't endorse free trade.
In our development class the other day, we were watching a debate between Bob Solow, Jagdish Bhagwati(very gay) and our man Krugman.
After both had stressed ..protectionism over their dead body..Krugman, started with .."I wouldn't say protectionism is not a solution. If we close up tomorrow, definately the income distribution consequences will not get worse..." He said it! I think my jaw dropped.
But Krugman is known to always take the practical approach(not the protectionism bit. that was a side comment in his speech). That's why I like him.
I don't know if any of you caught him on the Colbert Report. YOu should check out his interview..You can't but love him!
and the Potter of this story is Paul Krugman.
I'm reading a lot of the Offshoring literature, trade models, prognostications etc. these days.
It's fascinating how economists like to 'hype' up the whole phenomenon.."We don't realize the danger.."
"Just education won't do..", " all skilled jobs will be lost too.."..."Inequality will rise tremendously."
And so on...
But all don't fail to add this
"But, do not think we are endorsing protectionism as an answer! That will definitely not help"
How can they go againt free trade benefits. It's well established. It's a theory.
You aren't fit to be called an economist if you don't endorse free trade.
In our development class the other day, we were watching a debate between Bob Solow, Jagdish Bhagwati(very gay) and our man Krugman.
After both had stressed ..protectionism over their dead body..Krugman, started with .."I wouldn't say protectionism is not a solution. If we close up tomorrow, definately the income distribution consequences will not get worse..." He said it! I think my jaw dropped.
But Krugman is known to always take the practical approach(not the protectionism bit. that was a side comment in his speech). That's why I like him.
I don't know if any of you caught him on the Colbert Report. YOu should check out his interview..You can't but love him!
Labels: Economics
# posted by qq @ 9:07 AM 
