Read Mankiw's latest regarding the ongoing debate over free trade. Economists and the public are at polar opposites on this issue. Now it is bleeding over into the presidential race.
Saturday, March 29, 2008
The Argument Over Free Trade Continues
Read Mankiw's latest regarding the ongoing debate over free trade. Economists and the public are at polar opposites on this issue. Now it is bleeding over into the presidential race.
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9 comments:
As an amateur economist, I now can cope with professional economists and agree with them completely. I concur, that free trade gives the most benefits towards the growth of an economy. There is an illusion that tariffs and trade barriers set up to help protect American industries/jobs. This is indeed an illusion. Let me explain: The tariffs set on these imported goods causes the price to rise on them and in effect cause the "safely employed" to spend more lowering their overall net income. In effect, this can cause layoffs. Get with the flow ya'll, free trade is the way to go!
Hooray for free trade! Of course this is going to be a big issue in the presidential campaign- economics is an inherent part of politics because they work hand in hand for a lot of what's going on in the world (don't believe me? read the book freakonomics). I just find it ironic that, if we were voting on economic policies alone, McCain would probably lose because people with limited perspectives are like, "oh, the economy's tanking. Let's not think long term. Let's do what's good for us now and forget about the future, so don't vote for free trade."
Free trade is good. After all, is it not the competition of foreign industries that has forced American ones to be more creative? The argument against free trade sounds like the "participation award" attitude that America has developed. Also, it sounds selfish. We are not the only country in the world. We need to consider the impact a precedent of free trade and fairness could have on the economy and governments of developing nations. Other nations benefit and consumers get the best deals around.
From what I understanding I hate free trade I want our economy to be strong and not equal to the rest of the world. This entire article is just giving reasons for politicians not to become presidents. And how can the entire world manage there economies in a free trade during a depression or a major world War? I say no to the US allowing jobs to just flow away. Honestly, we barley have blue collar jobs already. Next there will be few white collar jobs unless they are absolutly needed in the area i.e. a bank.
I agree with the idea of free trade, but there are some issues which will continue to bar the U.S. from opening a window for complete free trade. For example, long long until the U.S. will have free trade with Cuba? I was surprised to read that we do not have total free trade with South Korea. However, the article mentions the problem of trading with countries that may extort cheap labor. However, I believe that U.S. should try to make the best of free trade.
This article makes me glad to be taking economics. I am now a priviledged person to have the knowledge of a smart economist instead of the meer muggle I once was. I think the public needs to be educated of this because when they lean towards no free trade, so do our future educated leaders, and frankly that scares me.
after reading the article ive come to the conclusion that i likke free trade jsut cuzz it has more freedom. So i agree with all those economist that say we need free trade even though some government pople claim that barriers are neccessary to prosperity. i dont think so, well theres multiple sides to every issue and u can think of it different depending on situation maybe. but ne way, i like free trade
To me it seems obvious that free trade helps an economy grow, yet with skeptical opinions from our candidates it kind of scares me to think the situation is on a thin string. I think the free trade will go great for our economy! even though there still might be some ups and downs, most likely there will be more UPS!
chelbi
I agree that free trade promotes economic growth. There's nothing wrong with a little competition, especially if it stimulates our economy.
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