Posted on 05/20/2016 7:18:57 AM PDT by drop 50 and fire for effect
When it comes to the impact of global trade, the dismal science has done a dismal job explaining how to help workers hurt by globalization.
As a recovering economist writing on behalf of my erstwhile field, I would like to apologize to every American who has lost a job or a livelihood because of globalization. Economics has failed you. It has failed you because of ideology, politics, and laziness. It has failed you because its teachings are woefully incomplete, and its greatest exponents have done almost nothing to complete them.
There are “positive” questions in economics that have mathematical answers — things that simply must be true — and then there are “normative” questions that amount to value judgments on points of policy. In economics classes, we teach the former and usually stop short when faced with the latter. This leaves a hole in any discussion of economic policy; students acquire first principles but rarely consider real-world applications, because to do so would presuppose a social or political point of view.
(Excerpt) Read more at foreignpolicy.com ...
I would also add that Adam Smith was not an anarchist. He saw the need for government and lawyers but warned of excess of both.........................
Since most around equate, rightly or wrongly , Adam Smith with Free Trade I assumed you were in that category. He held up like some kind of God around here. I have mistakenly put you in that category.
I don't quite know where to start with that. Please do some more searching and reading, and bring back something that's worthy of a reply.
No, he is not held up as a God. However, his books published in 1776 have been the foundation for ALL economic theory since -- including the really bad ones like Ricardo, Marx, Engels, Keynes, etc. It has been the twisting of Smith's foundational writings that have caused untold human misery.
Here is a brief synopsis of his life and his influence on the field of economics.
Why we need tariffs to stop the offshoring until such time, if ever, we can turn back the income tax. It may never happen but the bleeding of manufacturing base MUST stop regardless of any root cause.
His points were never accepted ...
I don’t quite know where to start with that. Please do some more searching and reading, and bring back something that’s worthy of a reply.
This is just the first one on a google search of "adam smith and the founding fathers".
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