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Politics : Don't Blame Me, I Voted For Kerry
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To: redfish who wrote (3340)2/20/2004 2:42:34 PM
From: JakeStrawRead Replies (1) of 81568
 
"One reason why jobs have not increased sufficiently is due to astounding productivity increases, which all economists believe are a major source of rising living standards over the long term. Another important source of rising living standards is free trade. Importing goods and services that can be produced or provided at much lower costs abroad increases the purchasing power of Americans. It also allows American workers to concentrate their efforts providing goods and services that they can produce more cheaply, largely because of their higher productivity and greater capital stock.
Referring to the growing phenomenon of off-shoring white-collar service jobs to India and elsewhere, Gregory Mankiw, the widely respected Harvard economist who currently serves as the chairman of the White House Council of Economic Advisers, recently argued that sluggish job growth was not the result of the repeal of the law of comparative advantage, which underlies the wealth-creating mutual benefits of free trade. Convincingly, Mr. Mankiw attributed the weak labor market to numerous adverse shocks to the economy, including the high-tech bubble, corporate-governance scandals, the war on terror and the much slower growth of other developed economies."

washtimes.com
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