Word: krugman
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Dates: during 1990-1999
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...aside by robots. And retaliatory tariffs against U.S. goods could mean a loss of jobs for big American exporters like aerospace and agriculture. "The reason why we're not the kind of manufacturing economy Pat Buchanan remembers when he was young is not because of imports," says economist Paul Krugman at Stanford. "It is not because foreigners are taking away the good jobs. It's overwhelmingly domestic forces that have caused that...
Perhaps the biggest problem with Buchanan's trade platform is the premise that trade is a big part of the problem. Most economists concur that trade with low-wage nations depresses low-skill American wages, but most don't think the effect is very large. Stanford economist Paul Krugman points out that in 1990 nonoil imports from low-wage nations amounted to 2.8% of America's GDP--a low number and, more to the point, barely higher than the 2.2% figure for 1960, back before low-skill American wages started dropping...
...annual U.S. exports to the Latin American country have more than tripled, to nearly $41 billion. That has turned a U.S. trade deficit with Mexico of $5.2 billion in 1986 into a $4.7 billion surplus last year. "Almost all the real effects of NAFTA have already happened," says Paul Krugman, an M.I.T. economist. "Mexico has already had the big liberalization. We're talking not about an investment boom that's going to happen, but one that's under way now." Many American companies with a foothold in Mexico's market of 88 million people have ambitious expansion plans there regardless...