Balanced Trade, Robust Industry, and Rising Productivity: Pick All Three
Professor Dan Drezner is again illustrating how we ended up with a misbegotten consensus on globalization built upon inadequate assumptions and shallow analysis. A couple of weeks ago, we encountered him badly mischaracterizing a study about the supposed value of trade liberalization. Breezing past that issue, he is back now with a more outlandish claim, that: âa world in which âtrade were balanced, domestic industry robust, and productivity risingâ is a world that not only does not exist, but very likely cannot existâ (emphasis in original).