blueollie

More Krugman…

Workout notes On my own: I did the Cornstalk 8.1 in 1:28:44 (44:34/44:10); slow and it was chilly ….just perfect running weather. It was basically a “no effort expended” run, at least until my last mile.

corn81567climb

I saw the university women’s track team headed toward me; they said “hi” as usual and I just wanted to disappear. The contrast between them and me was stark.🙂

That is another sign of age: 32-33 years ago I WANTED people to see me run. Now I want to be invisible.🙂

But it was very enjoyable…probably due to the chilly conditions.

Later: I walked just over 2 miles with Barbara and Olivia (about 20 minutes per mile).

Krugman

I like these articles mostly because of the reasoning that they display.

First, the main factor in the decline of US manufacturing is NOT trade imbalance.

Yes, cutting spending during a recession stalls growth. Here, Paul Krugman gets exasperated by some being unable to understand the difference between the economy’s level and its growth rate; that is, being unable to distinguish between a function and its derivative.

Now he attacks those who are supporting the TPP “fast track” by using bad reasoning:

And the selling of TPP just keeps getting worse.

William Daley’s pro-TPP op-ed in today’s Times is just awful, on multiple levels. No acknowledgment that the real arguments are not about trade but about intellectual property and dispute settlement; on top of that a crude mercantilist claim that trade liberalization is good because it means more exports; some Dean Baker bait with numbers — $31 billion in trade surplus! All of 0.2 percent of GDP!

But what really annoyed me, even if it’s not necessarily the worst bit, was this:

But today, of the 40 largest economies, the United States ranks 39th in the share of our gross domestic product that comes from exports. This is because our products face very high barriers to entry overseas in the form of tariffs, quotas and outright discrimination.

Actually, no. We have a low export share because we’re a big country. Here’s population versus exports as a percentage of GDP for OECD countries:

051915krugman4-blog480

May 19, 2015 - Posted by | economics, economy, family, mathematics, running | ,

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