Monday, April 11, 2016

Larry Summers lacks imagination

I almost used an expression referring to developmentally disabled persons but caught myself. Larry says:

One substantial part of what is behind the resistance is a lack of knowledge. Everyone who loses a job because a factory moves abroad knows it; many who lose their jobs for local reasons blame globalization. But no one thanks international trade for the fact that their paycheck buys twice as much in clothes, toys and other goods as it otherwise would.

Good God, Larry, it's not lack of knowledge. It's lack of paycheck.  I don't care if I could buy a digital backscrather made in China if I can't buy lettuce grown in California. Trade may be a net gain but it leaves a lot of people impoverished. That's the rub. They may be rich compared to people living in holes in Bangladesh, but people living in trailers in the US are a lot more vivid. Plus, they vote. Economists should take a class on these people; maybe be forced to live with them for a couple of weeks, eat the Bisquick and spam.

| Permalink


In my undergraduate days the favoured expression was "spastic hoof", but that seems a bit too affectionate for Summers.

Posted by: dearieme | Apr 11, 2016 3:06:29 PM