If Liberals still don't grasp econ 101 - do the rest of us?

Discussion in 'Off-Topic Discussions' started by Orson, Feb 22, 2004.

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  1. Orson

    Orson New Member

    The Economist (19 Feb 2004), nicely defends "outsourcing" against its critics - Democat AND Republican!

    "EARLIER this month, President George Bush's chief economic adviser, Gregory Mankiw, once Harvard's youngest tenured professor, attracted a storm of abuse. He told Congress that if a thing or a service could be produced more cheaply abroad, then Americans were better off importing it than producing it at home. As an example, Mr Mankiw uses the case of radiologists in India analysing the X-rays, sent via the internet, of American patients.

    "Mr Mankiw's proposition, in essence, is the law of comparative advantage, first postulated by David Ricardo two centuries ago and demonstrated to astonishing effect since."
    http://economist.com/agenda/displayStory.cfm?story_id=2454530
    http://economist.com/agenda/

    READ THE WHOLE THING!

    --Orson
     

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