November 21, 2003

Pushing the Stone in the Right Direction

I'm not sure that this distinction makes analytical sense in any model of the economy, but I'm glad to see Greg Mankiw out there and trying to push the stone in the right direction:

Forbes.com: W.House's Mankiw-exports, not imports, hurt US jobs: White House economic aide Gregory Mankiw said on Friday U.S. jobs were taking more of a hit from declining U.S. exports than from competition from lower-priced foreign imports.

"The decline in U.S. exports is where the jobs are lost rather than being lost to competition from imports," Mankiw, chairman of the White House Council of Economic Advisers, told the Greater Colorado Springs Economic Development Corp. Because of this, he said, "I'm more worried about slow growth in Japan than rapid growth in China."

Posted by DeLong at November 21, 2003 02:55 PM | TrackBack

Comments

Data? Proof? any supporting evidence?or just a preference to believe?
-marku

Posted by: marku on November 21, 2003 08:29 PM

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Dr. Mankiw's observations could be extended in a couple of directions. Protectionism hurts exports and fiscal stimulus hurts exports - both by driving up the market price of the dollar. But then Karl Rove might not above such criticism os Bush's policies.

Posted by: Harold McClure on November 22, 2003 08:24 AM

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Greg Mankiw is not pushing the stone in the right direction. Greggy Mankiw like Glenny Hubbard before and who will be after is simply touting every Administration economic policy in whatever terms told the support must be. These folks have no semblance of indedendent thought.

Posted by: anne on November 22, 2003 09:41 AM

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Foreigners, theyíll take US money but when it comes to buying from the US Ė guess itís our image problem? Bush does push his unilateral business approach to the max.

And maybe Iím missing some here too but Iím really surprised that more business do not seem to think that revenue is better that tax cuts or that tax cuts are nice but donít make up for revenue. I know the Airlines donít like Bush but I would think that there would be a backlash of businesses involved in the international market place that must be genuinely pissed at that Bush administration. However, I never hear about them so what do I know.

And all this being a bit strange since the dollar is at an all time low with the euro...exports at least in the tech field should be doing well, right? What are Americans major exports these days?

Bush's "you don't like it, you can go to hell policies" can't be very good seller.

What was the last GPD based on - defense mfg? Or prehaps that everything is ous

Posted by: Cheryl on November 22, 2003 04:32 PM

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