Economists: The Borjes Approach
October 28, 2019
Now this is a source among sources: Epoch Times. DarkCyber is not equipped to identify the information in “Krugman Admits He and Mainstream Economists Got Globalization Wrong.” One point in the write up evoked memories of a college course when I was a callow youth; to wit:
the consensus economists failed to measure adequately and properly account for the impact of globalization on specific communities, some of which were disproportionately hit hard. This despite the fact that models predicted, and figures later showed, that free trade was a net gain in terms of both jobs and wages in the broader American economy. Generalized gain but localized pain.
There you go. Better for everyone. Not so good for some others.
In business, the technology magnets are doing fine. Local retail shops, not so fine. Some countries are chugging along. Others seems to be shifting into riot mode. Planning a trip to Bogota, Lima, or Paris for a three day week end soon?
What about that college economics class through which I sat asking such questions as, “What is this professor talking about?” and “Have I awakened in a short story by Jose Luis Borges?”
Maybe the Epoch Times is neither wrong nor right about Paul Krugman? Paradoxical thoughts have legs in the online world. What’s real and what’s fake? Think of those riders in the wasteland in front of what seems to be a mountain range. Borges did and look what that earned him.
Stephen E Arnold, October 28, 2019
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