08.02.16
Oh, That’s Rich!
From the Dept of “Oh, That’s Rich!:”
Economist N. Greg Mankiw of Harvard in the NYT this week on the unfortunate turn of events in which voters now don’t believe it when experts say trade is good:
“You see it in Donald Trump’s railing against immigrants and trade agreements. It may well be part of Hillary Clinton’s shift, under pressure from Bernie Sanders, against the Trans-Pacific Partnership, which she once embraced as ‘the gold standard in trade agreements to open free, transparent, fair trade.’
“You certainly see it in the British decision to exit the European Union, which has become known as Brexit. That vote flummoxed most political forecasters, and it makes one wonder whether Americans might also produce a surprise in November …”
The answer, according to Mankiw, is simple: more education. Although not stated baldly, those now opposed to “corporate America-style” (my words) global trade are the stupid — the less educated.
Mankiw: “In the long run … there is reason for optimism. As society slowly becomes more educated from generation to generation, the general public’s attitudes toward globalization should move toward the experts.’” Who are all for it.
N. Greg Mankiw was economic advisor to Mitt Romney. He is also opposed to raising the minimum wage. I would normally post the link to the NYT but globalism and all that hasn’t been good for me. I’m sore about it, even though I’m educated.
Also from the “Oh, That’s Rich!” channel, an explanation, now among the thousands, as to Why “The Tom Friedman Blues” needs to be on your gadget and reviewing stand.
From economist Dean Baker, on Tom Friedman:
“Thomas Friedman moves beyond his Flat World to divide the world into ‘Web People,’ who he likes, and ‘Wall People’ who he holds in contempt. Donald Trump is naturally the lodestar of the Wall People …
“Okay, so let’s work through some logic here. If you want to see a freer flow of ideas and technology, by replacing patent and copyright monopolies with more modern ways of promoting innovation and creative work, then you are a Wall Person. After all, Friedman’s Web People wouldn’t know how to get by in the world without these relics from the feudal guild system.
“If this means that life-saving drugs, which would be cheap in a free market, are priced beyond the reach of the people who need them, well get used to Thomas Friedman’s world. If it means that we have to turn the whole world into copyright cops to ensure that Disney can collect its royalties on Mickey Mouse, that’s a small price to pay to keep the Web People wealthy…”
I’d like to add that Hollywood got the FBI to confiscate the kickass torrents website and arrest its owner last week so that the Motion Picture Association of American and Marvel Studios would not be deprived of any of their due profits on Captain America: Civil War by the grasping BitTorrent clients of the leeching poors. And, of course, they have momentarily stymied me in my downloading of pirated eBooks on the inequalities and failures of the US system.
Of course, I will inform you as soon as an adequate replacement is put in place. Currently, the Pirate Bay and EasyTorrents don’t cut the mustard.