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Technology Stocks : Disk Drive Sector Discussion Forum
WDC 155.45+3.0%Nov 25 3:59 PM EST
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To: Frodo Baxter who wrote (5564)2/14/1999 11:40:00 PM
From: Z Analyzer  Read Replies (1) of 9256
 
<<Although Krugman has freaky weird ideas about Keynes, capital controls, capital markets, monetary and fiscal policies, and the like, he's always dead on right about trade.>>
I guess his freaky wierd ideas pervade everything Krugman writes about. I remember a few years ago in a Barron's article, Krugman claiming not to be some "ivory tower academic" (no offense Lawrence) and then saying he couldn't find anyone who could name American industries that had been harmed by foriegn competition. I thought it was one of the most idiotic things I had ever read and I was appalled that Gene Epstein would print such drivel without pointing out its lunacy.
<<Extrapolating the past two responses as the average lay understanding of how trade works, I see there is much education to be done.>>
My "average lay understanding of how trade works" happens to be derived from majoring in economics at the same fine istitution where you reside. Instead of telling us again about the theoretical benefits of free trade, just for once I would love to hear an economist tell us what economic theory says will happpen to a country that perpetually runs large trade deficits. I would also like to have it explained why free trade will not result in a tendancy toward equalization of the worldwide wage levels for unskilled labor (with huge social implications for the US). And I will repeat my last non-theoretical question which is to ask what societies have ever become great while running large trade deficits. -Z
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