Posted on 03/21/2016 3:10:17 AM PDT by reaganaut1
This month marks the 240th anniversary of the publication of Adam Smith’s The Wealth of Nations, the watershed rationale for a free-market economy. Today, in the 2016 U.S. presidential race, populist candidates including Donald Trump and self-described socialist Senator Bernie Sanders are running against many of the central tenets of Smith’s ideas — and with considerable popular success.
The Sanders and Trump platforms range from protectionist anti-trade measures to expanded entitlement spending. Such policies are more popular than in previous elections and in some cases even pushing other candidates, especially Hillary Clinton, to grudgingly endorse them. Yet centuries of economic research have demonstrated that on a host of issues, from trade to taxes, economic policy that fosters free markets is critical to economic growth.
Our presidential candidates in 2016 should remember that Adam Smith’s key insight was that individuals working in their own interests are led by “an invisible hand to serve public interest” and benefit the broader society. In particular, Republicans should be reminded of the domestic economic benefits of free trade, particularly those that would come from prospective trade agreements with European and Asian nations.
(Excerpt) Read more at nationalreview.com ...
“Claiming that both Trump and Sanders are ignorant in economics represents specious reasoning. “
Agreed.
But for the sake of argument, let’s say they are both economically ignorant. Now, what about the teams each candidate would assemble to assist him in figuring it out? Would the author care to speculate on who would assemble the better team? After all, the president is ot in there alone.
“The Sanders and Trump platforms range from protectionist anti-trade measures to expanded entitlement spending.”
I know nothing of Sanders platforms, but I do know that Trump is not anti-trade, but anti-present trade, screw America agreements. That is the lie free-traders reel out EVERY time.
Why assume any such thing?
Donald Trump is far from ignorant. He is sharp as a tack, and he is FED UP with everyone selling off America.
I for one, am in complete agreement with him, on any number of very huge issues. Trump gets it.
He seems to be the first person who wants to lead our nation, actually, who seems to really get it.
Everyone else has been selling out America for a long, long, long time.
Everyone.
Adam Smith never envisioned a first world country moving a factory to the third word and then being able to re import back into the USA duty free. That situation is new and also economically disastrous.
So, I guess getting us in $19 trillion dollars of debt, having a $500 billion trade deficit, and fractional growth is “smart economics”?
A corner shoeshine boy has a better grasp of economics than the current crop of politicians.
A man does not build a multi-billion dollar empire by being economically illiterate. I’ve long been of the opinion that we need more businessmen and fewer lawyers in politics, for the simple reason that businessmen understand economics. Furthermore, businessmen like Trump have experience with recognizing when a plan isn’t working and ditching it—unlike politicians whose response to a failing program is to throw more money at it.
Sanders, OTOH, is a loser who has never had a real job in his life. He wouldn’t understand economics if he had Milton Friedman explaining it to him.
The Tariff
We reaffirm our belief in the protective tariff to extend needed protection to our productive industries. We believe in protection as a national policy, with due and equal regard to all sections and to all classes. It is only by adherence to such a policy that the well being of the consumers can be safeguarded that there can be assured to American agriculture, to American labor and to American manufacturers a return to perpetrate American standards of life. A protective tariff is designed to support the high American economic level of life for the average family and to prevent a lowering to the levels of economic life prevailing in other lands.
When will these pathetic people wake up and stop the stooooopid crap?
Even Yahoo Finance has had recent articles about how the Market seems to be naking no sense, but the really rich manage to leverage every cent available while most of the average Joes are going stagnant.
Another one of your hit and run articles huh. Trump has sure smoked out the leftist on this site. Wonder what you all will be posting after he wins.
Given our trade deficits, it is only critical to the countries that we trade with. If Americans buy goods made in other countries because they are cheaper or made better ... how does that foster growth in our country?
I'm I totally missing something? Or am I just a low information supporter of a billionaire?
“Donald Trump has a bachelor’s degree in economics from the Wharton School of Business at the University of Pennsylvania.”
Then it’s safe to assume Trump knows all too well what the Clintons were talking about with their idea of a “Third Way” but he supported them anyway.
Could be Trump supported the Clintons because he too is an advocate of “Third Way”.
Made better? LOL
I was only thinking cars for that comment ...
The Sanders and Trump platforms range from protectionist anti-trade measures
...
Trump is for free trade. His position is that what we have isn’t free trade and that we’ve negotiated bad deals.
Another day, another dozen dishonest hit pieces on Trump.
Except for Mexico most cars intended for the US market are built in the first world. the real cheap crap comes form Asia sans Japan where quality is still a concern for now. The Asian mind set is "let the buyer beware" where the western mindset is "let the seller beware".
If Trump gets the nomination, I will post in favor of GOP congressional and gubernatorial candidates I support.
Another beltway swell endorses Trump!
We do not have Free Trade, we have Managed Trade. Right now it is being managed to our determent.
So when the Chamber of Commerce bots want to start discussing actual details of Trade instead of their fake strawmen arguments, they might actually get somewhere.
Gee, I dunno... Trump seems to know a hell of a lot about economics...!
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