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 Post subject: First-order economics
PostPosted: Wed May 11, 2011 1:52 pm 
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An example that would have Sowell foaming at the mouth.

No consideration of second-order effects.


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 Post subject: Re: First-order economics
PostPosted: Wed May 11, 2011 3:47 pm 
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Now, granted, I pulled this from the middle of the article, but aren't these four paragraphs just completely incoherent?
Quote:
"There is nothing in our results to show that US trade with China overall is negative" in its impacts, Mr. Hanson says. For one thing, their study makes no effort to account for positive impacts on the economy from US exports to China.

But Mr. Hanson says the magnitude of the negative impacts, as found in their research, surprised him despite his years of studying the economics of trade.

As people are pushed out of jobs by Chinese imports, the research found a substantial increase in government transfer payments to individuals in the form of things like unemployment insurance and disability benefits.

The potential offset is that US consumers (including families affected by job losses) reap benefits from access to lower-cost goods from China.

An important conclusion of the new research, however, is that the economic losses to the US may be roughly equal in size to those gains for consumers.


I can't tell if the study is as incoherent and useless as the reporting. I assume so.

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