Perhaps one of the more important benefits of the financial collapse and the economic depression is that it is forcing economists to re-examine their profession. Well, OK, some economists. And maybe not so much "examine" as just plain old internecine warfare.
At the annual meeting of American Economists, most everyone refused to admit their failures to prepare or warn about the second worst crisis of the century.
I could find no shame in the halls of the San Francisco Hilton, the location at the annual meeting of American economists that just finished. . . .
I find this amusing for for what I have read, the good economists for a long time have said current trade policy is not in the national interests and often is glorified labor arbitrage agreements.
From Alan S. Blinder, a former vice-chairman of the Federal Reserve and member of the Council of Economic Advisers in the Clinton Administration, to Dartmouth's Matthew J. Slaughter, an international economist who served on President George W. Bush's CEA, many in the profession are reevaluating the impact of globalization. They have studied the growth of low-wage work abroad and seen how high-speed telecommunications make it possible to handle more jobs offshore. Now they fear these factors are more menacing than they first thought
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