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To: Maurice Winn who wrote (13718)	8/16/1998 5:11:00 AM
From: John Cuthbertson	Read Replies (1) \| Respond to of 152472

Hi Maurice, I noticed that no one had responded to your Paul Krugman summary from Thursday. Perhaps they just haven't finished reading it yet :-) [I just now did.] Anyway, you refer to him as saying that "2% of GDP in the USA is external trade" and therefore our economy is not very closely linked to others. I don't know where this 2% figure comes from; it is wrong by a large factor. In 1997 US exports were almost $1 trillion out of a GDP of about $8 trillion; this would give a figure more like 12%, but of course some economic activity in the US is related to imports as well as to the exports. The manufacturing sector in the US is even more dependent on exports; most of our exports are goods, whereas most of our economy is services. ==John