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Written by Stumo
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Tuesday, 25 December 2007 |
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"Free Traders" say that the U.S. economy has benefited a tremendous
amount from trade. They cite numbers. Their numbers are
garbage. The Economic Policy Institute reveals this junk science.
An Exaggerated Claim of Global Benefits
In the second in this series, EPI economist Josh Bivens continues his
fact-check of two dubious numbers that are being used in the debate
over trade agreements. In the issue brief The Marketing of
Economic History: Inflating the Importance of Trade Liberalization ,
released today be the EPI, Bivens finds recent claims that trade
liberalization since 1945 is responsible for an increase in U.S. annual
incomes by $1 trillion to be highly exaggerated and should not be
considered in discussions about trade policy.
“This number is far outside the bounds of any estimate of gains that
one would obtain using standard economic models,” said Bivens. “They
should be retired from public discussion.
The full issue brief, "The Marketing of Economics History," is here.
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In the news
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Colorado CPA member Milt Heft has these thoughts on money, wealth and the economy. Heft is the owner of Petrogen, Inc in Colorado Springs.
A few thoughts about manufacturing:
There is a great misunderstanding of the relationship- between money and wealth. The beginning principles with which we can all agree are a few and simple noble truths:
1. Money is meaningless without wealth.
2. Wealth is difficult to distribute without money.
3. Wealth is the reality of the physical things we need to survive and thrive: food, clothing, shelter, ice cream & computers. It is the product of mining, industrial production, and agriculture.
4. Money is anything that make the wheels of production and distribution go ‘round.
5. Money is easy to manufacture and control.
6. Wealth takes a lot of blood, sweat, toil and tears.
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