Monday, July 4, 2016

Lord Keynes — The Cult of Free Trade in a Nutshell


Debunking another economic myth.

You might wish to save these sources for future reference and citation.

Social Democracy For The 21St Century: A Post Keynesian Perspective
The Cult of Free Trade in a Nutshell
Lord Keynes

1 comment:

Dan Lynch said...

I'm glad heterodox economists are starting to question free trade. I used to feel all alone on the issue.

workers are fungible, and will be re-trained easily and moved

Right. Some workers are fungible and easily re-trained and easily moved (the young and un-attached), some are not (older workers with family ties and specialized skills).

The argument for pure free trade is built on sand.

Right. "Imports are real benefits and exports are real costs" only holds for scarce goods, like oil. It doesn't hold for knowledge products. You don't lose knowledge when you export a knowledge product, to the contrary, the more knowledge product you make, the more knowledge you gain. You do lose knowledge when knowledge industries move offshore.