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Monday, March 7, 2016

Paul Krugman, "When Fallacies Collide": What Is the Cost of Slave Labor?

"Occupy Wall Street is starting to look like an important event that might even eventually be seen as a turning point.

. . . .

It’s clear what kinds of things the Occupy Wall Street demonstrators want, and it’s really the job of policy intellectuals and politicians to fill in the details."

- Paul Krugman, "Confronting the Malefactors," October 6, 2011

"The good news is that there was a real policy debate going on within the G.O.P. last week. The bad news is that it was junk economics on both sides."

- Paul Krugman, "When Fallacies Collide," March 7, 2016

Accusing Mitt Romney and Donald Trump of "junk economics" in a New York Times op-ed entitled "When Fallacies Collide," Paul Krugman says of trade protectionism involving China and other countries:

"Protectionism can do real harm, making economies less efficient and reducing long-run growth. But it doesn’t cause recessions."

No mention by Krugman of the cost to humanity when imported electronics goods and clothing are manufactured by slave and child labor. True, President Obama signed a bill in February prohibiting goods produced by forced labor from entering the US, but enforcement of the law could prove tricky.

Also, how many consumers want to spend more for their smartphones? After all, this could make the economy less efficient.

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