Jobs Come and Go (One of the smartest economists in the world hits the nail on the head)

www.townhall.com ^ | 11/26/2003 | Walter E. Williams

[sly671]

This man is a genius. Every article he writes just explains the topic of interest so well and so truly. This article is great because it exposes the myth that Clinton created so many jobs in the 1990s and Bush has lost so many in his administration. Well, Clinton lost an awfully large amount of jobs too even in a boom that he had absolutely nothing to do with. Thank you Reagan for creating the atmosphere for the 1990s to happen.

[cyborg]

BTTT

[BADROTOFINGER]

Dont change the titles of the articles, as it prevents the search engine from working properly and results in multiple postings of the same article. You are new, so it is cool, but the Mods hate it...JFK

[CWOJackson]

"In 1924, Mahatma Gandhi attacked machinery, saying it "helps a few to ride on the backs of millions" and warned, "The machine should not make atrophies the limbs of man." With that kind of support, Indian textile workers were able to politically block the introduction of labor-saving textile machines. As a result, in 1970 India's textile industry had the level of productivity of ours in the 1920s."

Not to besmirch Williams, but I don't think Gandhi had to contend with American labor unions. The 1970's Indian textile workers were probably being paid at our 1920's workers rates.

[ZGuy]

I didn't even notice who the author was. Then I read your comment that the man is a genius and I thought "I wonder if it's Walter Williams?"

[lelio]

Finding cheaper ways to produce goods and services frees up labor to produce other things.

Like entering the low pay and low skill retail sector, which is what is happening.

[MissAmericanPie]

ROFLOL, this situation is just a taaaad bit different, and he knows it.

[vbmoneyspender]

I hope Mr. Williams will write his next article on why tariffs are so beneficial to a coutry's economy that we should revise our Constitution to allow states and even cities and towns to impose tariffs on good coming in from other states and cities so as to keep each state's workers fully employed. </sarcasm off>

[At _War_With_Liberals]

First you change the name, then you replace it with hyperbole. Bad form. Live and learn.

That not withstanding... Welcome to FR.

[Pro-Bush]

Those Americans calling for government restrictions that would deny companies and ultimately consumers to benefit from cheaper methods of production are asking us to accept lower wealth in order to protect special interests. Of course, they don't cloak their agenda that way. It's always "national security," "level playing fields" and "protecting jobs". Don't fall for it -- we'll all become losers.

BUMP!

[SpaceBar]

Wait till Mr. Williams is replaced by an H1-B visa economics teacher from Bangalore. See if he sings the same tune.

[LoneRangerMassachusetts]

Finding cheaper ways to produce goods and services frees up labor to produce other things.

Like entering the low pay and low skill retail sector, which is what is happening.

Manufacturing is moving overseas where labor is cheaper. That is true. But, manufacturing is also moving overseas because Asians will do the hard work of getting college degrees in the sciences. They then are in a position to manage their own labor. Meanwhile, back in the homeland, fat ass Americans take easier ways out and seek degrees in the liberal arts where incompetents can't easily get caught. They are shaking down the remaining Americans who do produce real goods.

[kylaka]

LOL. He's tenured.

[LiteKeeper]

SPOTREP - ECONOMICS

[AntiGuv]

There is a fundamental difference between certain sectors of the job market becoming obsolete due to technological advancement versus certain sectors of the job market being exported to cheap labor foreign markets.

In the first case, jobs which are lost - such as switchboard operators - are replaced by generally equal or higher paying jobs - such as network administrators.

In the second case, higher paid, higher skilled workers are displaced by low-wage foreign substitutes, which generally forces either a competitive reduction in domestic salaries or a downscaling of employment opportunities.

Stated differently, there would be no ultimate distinction between shipping these jobs to lower paid workers overseas or simply removing the worker protections which by and large ensure higher domestic wages.

It is merely an end-run around the various institutions which have developed to protect workers and elevate the broad standard of living and quality of life in this nation. Over time, this process would inevitably diminish the purchasing power of the most vibrant economy in the world, by transferring its wealth capacity overseas.

Congratulations. Don't hurt yourself patting yourself on the back.

[AntiGuv]

Ummm.. Most liberal arts majors end up becoming university professors, lawyers, or MBAs - which certainly have greater job security in today's labor market than do many in the sciences or technology. You can't export legal services, unfortunately.....

[listenhillary]

Wait till Mr. Williams is replaced by an H1-B visa economics teacher from Bangalore. See if he sings the same tune.

Would be a good thing, then he would start his own private university. I would send my kids there if he did so.

[E. Pluribus Unum]

Great article, but union thugs are into extortion, not productivity.

All they care about is getting what's coming to them, and what's coming to somebody else.

[E. Pluribus Unum]

It is merely an end-run around the various institutions which have developed to protect workers and elevate the broad standard of living and quality of life in this nation.

Spoken like a true union thug.

[Snoopers-868th]

I happened into this page and it looks like a good place to start learning about Globalization and the role of economics. I have to study it myself.

http://www.pbs.org/wgbh/commandingheights/