TweetHere’s a letter to the Wall Street Journal. Editor: Anthony deBarros and Peter Santilli report on “the countries fueling America’s $1.2 trillion goods trade deficit” (March 1). With respect, what’s the point of such a report? Eighty percent of U.S. GDP is produced by the service sector – implying that the vast majority of Americans…
More Deficient Economic Thinking
More Deficient Economic Thinking
03 Mar 2025 Leave a comment
in applied price theory, industrial organisation, international economics Tags: current account, free trade, tarrifs
The Spectacular Economic Ignorance of Peter Navarro
20 Feb 2025 1 Comment
in applied price theory, Austrian economics, history of economic thought, industrial organisation, international economics, labour economics, labour supply, survivor principle, unemployment Tags: 2024 presidential election, free trade, tarrifs
TweetHere’s a letter to the New York Times. Editor: Encountering, in David Leonhardt’s report, a summary of Peter Navarro’s attempted justifications of Trump’s tariffs makes the head spin (“A Disagreement on Tariffs,” February 18). Navarro’s arguments are so illogical, self-contradictory, and economically ignorant that they’d be merely laughable were he not an advisor to the…
The Spectacular Economic Ignorance of Peter Navarro
On Trump On Panama Canal Fees
29 Dec 2024 Leave a comment
in applied price theory, international economics, International law, politics - USA Tags: 2024 presidential election, tarrifs
TweetThis letter of mine appears in today’s New York Times: To the Editor: Donald Trump complains that the fees Panama charges for ships to use its canal are a “complete ‘rip-off.’” How mysterious. Given Mr. Trump’s belief that “the most beautiful word in the dictionary is ‘tariff,’” he should be pleased that these fees are…
On Trump On Panama Canal Fees
Paul Krugman Is Right…albeit Selectively and Hypocritically
04 Dec 2024 Leave a comment
in applied price theory, comparative institutional analysis, economic history, economics of bureaucracy, economics of regulation, entrepreneurship, income redistribution, industrial organisation, international economics, law and economics, politics - USA, property rights, Public Choice, public economics, rentseeking Tags: tarrifs
I like profits. But let me qualify that statement. I like profits that are the result of businesses providing goods and services that consumers value. Those profits are earned. By contrast, I don’t like it when businesses get in bed with government and get money via cronyism, bailouts, subsidies, protectionism, or industrial policy. Those profits […]
Paul Krugman Is Right…albeit Selectively and Hypocritically
WSJ Video on Trump-Biden-Trump Tariffs
22 Oct 2024 Leave a comment
in applied price theory, applied welfare economics, economic history, industrial organisation, international economics, politics - USA, survivor principle Tags: 2024 presidential election, tarrifs
TweetI can pick a few nits with this eight-minute-long video from the Wall Street Journal on tariffs – for example, for all of their many problems, tariffs do not (contrary to what’s reported in the video) cause any net, economy-wide loss of jobs. Nevertheless, this video is quite good, not least because it features the…
WSJ Video on Trump-Biden-Trump Tariffs
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