Mainstream Media’s Trade Gap
Dan Ikenson at Cato writes a great article about the mainstream media's "reporting deficit" when they cover trade issues and protectionism.
CARPE DIEM
Professor Mark J. Perry's Blog for Economics and Finance
Wednesday, January 06, 2010
About Me
- Name: Mark J. Perry
- Location: Washington, D.C., United States
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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3 Comments:
Some people do not want to sell their soul to foreign nations of dubious character.
The direct benefits are going to have to come to the US in a form for which the displaced see as a benefit. Indirect benefits aren't what pay the bills, the direct ones do.
Professor Perry deserves recognition for presenting many economic concepts in easy to understand and original form:
The Great Mancession; Biodeisel cost sinkhole; 2009 Economic Recovery; Healthcare cost issues; Private healthcare innovations; Markets in Evertything; Emerging Markets Growth; CBOE Volitility Index (VIX); 2009 Housing Recovery; Cash for Clunkers waste; Executive Branch Czar growth; The CRA and Bank Destruction; The Baltic Index; ECRI Weekly Leading Index; female/male higher ed gap and many others.
I look forward every day with great anticipation to the easy explanations with charts, graphs, pictures and videos. As the owner of two small businesses I have to admit to appreciating the professor's optimisim last year last year.
BUT
I do have quibbles on international trade issues with the professor. Here are two:
1.) Ignoring obvious currency manipulation last year by the Chinese gov't.
2.) If intellectual property is the potential driver for future U.S. exports then where is the outrage on piracy?
Gettingrational - I totally agree with you on #2, but #1 is a complicated issue.
First of all, Perry did talk about it a couple of times: http://mjperry.blogspot.com/2009/04/currency-manipulation-china-vs-hong.html and http://mjperry.blogspot.com/2009/04/currency-manipulation-china-vs-hong.html.
China is manipulating it's currency by loaning our government money. The problem is that our country is eager to borrow!
Someday, China is going to want to spend some of those dollars it is loaning to us. It's going to be a tough time. The dollar will fall, but ultimately where can they spend those dollars? Right here in the USA.
I do wish Prof. Perry would cover this issue in some more depth though.
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