In response to:

Don’t Trust Economists, Part II

Michael1445 Wrote: Jan 28, 2013 8:04 AM
Yeah, and economists often tell us "free trade" and easy immigration are good for us. So, let's send all our jobs to low wage countries, and if that doesn't work let's bring the cheap labor here with easy immigration policies. Employers love these kind of recommendations. Come on, capitalism may be the best choice, but predatory greed is still out there. We have to do what's good for workers too, not just employers. Lower immigration to lower job competition (don't believe ANY claim of labor shortage) is a good start. And we should get tougher on slave labor, cheap labor China and India too!
FletchforFreedom Wrote: Jan 28, 2013 10:50 AM
Those are two entirely separate issues. But the fact that free trade is good for us is not even debatable. The simple fact is that there has never in history been an example of protectionism benefiting an economy (Ha Joon Chang and union myths notwithstanding), such as Bush's steel supports that cost far more jobs than were saved in industries that use finished steel.

It is also a fact that MORE and HIGHER PAYING jobs are INsourced to the US than are outsourced even in an economy devastated by government meddling. China's and India's laborers are BENEFITTING from the jobs they are receiving as are we due to the (JOB CREATING) resources freed up by the trade.
latebloomer Wrote: Jan 28, 2013 9:40 AM
Yes- and other economists don't. If you pose a question to a panel of 4 economists of diverse outlook, you'll get at least 5 different answers.
FletchforFreedom Wrote: Jan 28, 2013 10:55 AM
There are two major issues where a huge majority of economists agree - the benefits of free trade and the job killing properties of minimum wage laws. If you factor out those economists employed by organized labor - like the Economic (sic) Policy Institute - who have a vested interest in arguing the benefits of unions, the remainder of economists are nearly unanimous on these two issues.

Back in 2010, I shared a remarkable graph comparing the predictions of economists to what actually happened.

Not surprisingly, the two lines don’t exactly overlap, which explains the old joke that economists have correctly predicted nine of the last five recessions.

It’s not that economists are totally useless. It’s just that they don’t do a very good job when they venture into the filed of macroeconomics, as

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