Posted on 10/14/2019 6:18:09 AM PDT by Mr. Mojo
Economist Paul Krugman, the longtime defender of global free trade and a member of the failed “Never Trump” movement, now admits that globalization has failed American workers.
In a column for Bloomberg titled “What Economists (Including Me) Got Wrong About Globalization,” Krugman admits that the economic consensus for free trade that has prevailed for decades has failed to recognize how globalization has skyrocketed inequality for America’s working and middle class workers.
Krugman, though, writes that he and his fellow free trade economists “had no way to know” that globalization of the American economy or a surge in trade deficits “were going to happen,” though the anti-globalization movement had warned for years of the harmful impact free trade would have on U.S. workers — including Donald Trump.
(Excerpt) Read more at breitbart.com ...
I was as proud of that vote as the ones I made for Reagan
Throw in Rush, Newt and the rest of the GOP losers.
I'm glad I voted for him and no, there was no way in hell I would have voted for Bush #41, or Dole, or Bush #45 or McCain or Romney. I'm an independent Trump voter who will vote for an R if they support Trump.
The Chinese gravy stopped flowing and won't start again so now they're trying to play CYA by hiding in theoretical arguments. OMG, how could the theory that closing American factories was going to be wonderful for the unemployed workers be in error? Remember the "more leisure time for a richer life" crap they once spewed?
All the recognized "economist" loudmouths knew exactly where their BS led they just thought their own golden parachutes were secure and are now finding out that's not the case. They've fouled their own nests, no one is going to believe them again no matter what theoretical garbage they throw out as a reason for their error.
Average working folks with no where near as much education had the brains to know that their lives wouldn't improve if they didn't have a decent job but a bunch of PhDs and similarly educated twits didn't?
Globalization = Redistribution.
Areas with wealth and opportunity lose them.
Areas without wealth and opportunity destroy them.
Everyone loses.
Economists like Krugman, Keynes or Marx become favorites of the Left, because they produce the most credible sounding excuses for the Left to do whatever they want to do - spend unlimited amounts of money, and wield unlimited decision-making power over everyone else.
They are just the best liars for the Party.
So after a lifetime at the top of the economic lying game, any big shift by Krugman is likely to signal a shift in Party tactics/strategy, rather than some sort of genuine revelation.
Probably looking at some demographics in swing states (like blue collar in the upper Midwest) that they need to manipulate better to win in 2020.
"In 2008, Krugman was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography."
New trade theory (NTT) is a collection of economic models in international trade which focuses on the role of increasing returns to scale and network effects, which were developed in the late 1970s and early 1980s.
New trade theorists relaxed the assumption of constant returns to scale, and some argue that using protectionist measures to build up a huge industrial base in certain industries will then allow those sectors to dominate the world market.
*****
I guess 'better late than never' might be a small consolation.
On working In The Reagan Administration
Krugman worked for Martin Feldstein when the latter was appointed chairman of the Council of Economic Advisers and chief economic advisor to President Ronald Reagan. He later wrote in an autobiographical essay, "It was, in a way, strange for me to be part of the Reagan Administration. I was then and still am an unabashed defender of the welfare state, which I regard as the most decent social arrangement yet devised."[24] Krugman found the time "thrilling, then disillusioning". He did not fit into the Washington political environment, and was not tempted to stay on.[24]
From Wikipedia
Overview
"Paul Robin Krugman is an American economist who is Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for The New York Times. In 2008, Krugman was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. The Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services."
Institution City University of New York
Princeton University
London School of Economics
Field International economics
Macroeconomics
School or
tradition Neo-Keynesian economics
Alma mater Massachusetts Institute of Technology
Yale University
Doctoral
advisor Rüdiger Dornbusch
Influences Avinash Dixit
Rudi Dornbusch
John Maynard Keynes
Paul Samuelson
Joseph Stiglitz
And this clown won a Nobel prize IIRC in Economics. Shows what a liberal phd gets you.
BTTT
Why is Krugman doing this now?
Although his personal credibility might have some influence on him, my take is that he very much knows that his bread is really buttered by his value to the Left, in selling their BS to society.
Trade issues are probably killing them in polling in the Rust Belt, and they need to pretend to have a new pro-American hard line on trade, to lie their way through the next election.
So Krugman starts selling their new conversion to the public, as the latest economic “science” - the Party’s “current truth”.
Ross Perot knew. Any rational thinking person knew.
FREE TRADE HATER
Privilege, Free Trade Hater Paul Krugman ...
Quit reading right there at the fake premise.
The advocates now claim they had no way to know...in the hope we don’t hang them.
The term "free trade" belongs alongside "diversity is our strength."
Have you noticed Rush Lumbaugh
never has Free Trade Hater Walter Williams
guess host his show any more.
Rush has always been economically challenged.
Rush has hated real Free Trade for decades.
Nope. He's only recently admitted he was wrong. He mocked Perot for years. His dismissal of the ramifications of NAFTA and free trade in general will never be forgotten.
The problem with classic free trade theory is that it does not take proper account of predatory use of a deliberately depreciated currency and theft of intellectual property by an aggressive nation state to gain market share and put entire industries under their control. In such a case, the aggressor’s aims are primarily to accrue power, not to maximize economic gains.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.