Comments on Peter Morici “A lifeline
for the US middle class”, 31/12/2011,
http://www.businessspectator.com.au/bs.nsf/Article/US-economy-middle-class-oil-energy-growth-pd20111230-Q25BW?OpenDocument
Peter Morici, while recognising some
roles of the trade, has failed fundamentally and miserably to grasps
some of the most important fundamental implications of trade, that
is, income/wage equalisation.
Until he properly takes that into
account, he will not be able to come up with useful and practical
policy recommendations.
He has always tended to blame the
emerging economies, their governments for Americans' problems.
Unfortunately that only shows his
failures in intellectual, even though he is a professor and was the
chief economist of US trade commission some times ago.
That is also a fundamental problem with
most US elites that has been at the root of the problems US has been
faced, even though the $US and the largest economy status have
afforded it with unparalleled advantages over other countries.
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