Daily Archives: April 27, 2015

James Galbraith Reminds Me That He Too Pointed Out Mankiw’s Error about Adam Smith

By William K. Black
Quito: April 27, 2015

My citation of one of New Economic Perspectives’ distinguished academic readers from the field of economics, Michael Meeropol, prompted another distinguished academic reader from the same field to note that he had made the same point about the distortion of Adam Smith’s views on topics like “outsourcing” through foreign investment. The context was N. Gregory Mankiw’s distortion of Smith to try to support the Trans-Pacific Partnership. Here is how Jamie made the point in his classic book The Predator State.

Continue reading

Michael Meeropol on Mankiw’s Mendacity about Adam Smith

By William K. Black
Quito: April 26, 2015

One of our many distinguished readers of New Economic Perspectives is the economist Michael Meeropol. Mike contacted me after reading my columns about Mankiw pushing the Trans-Pacific Partnership (TPP) to alert me to another way in which Mankiw, who purports to be relying on Adam Smith, actually willfully misinterprets Smith through what Mike refers to as “pedagogical malpractice.” I thank him for bringing it to my attention.

Mike laid this out in an article in 2004. Reading Mike’s entire superb article is, of course, the best solution. For those with less time I have quoted extensively from the most relevant portion of his article, which includes a lengthy footnote. Mike’s major point can be summarized briefly: Smith believed fervently in emphasizing domestic manufacturing and agricultural production, domestic trade, and domestic investment as the essential means of building a Nation’s wealth. Mike’s article builds on the work of Joseph Persky. I’ve deleted two footnotes from his text.

Continue reading

Indicting the Trans – Pacific Partnership: Even One of These Counts Is Sufficient to Vote to Kill It!

To really appreciate what a travesty the TPP is, and the scandal of the failure of our Congress to reject it, and the “Fast Track Authority“ sought for it, out of hand, I’m going to list 23 negative consequences that would likely follow from it. Any one of these, would, by itself be sufficient for any representative of the people, Senator or Congressperson, to vote to kill it. I’ll offer this list in the form of stanzas appropriate for a chant, except for the starting point in the list.

The tune of the chant that might be used is the tune used for Dayenu, the passover seder chant in which Dayenu means “It would have been sufficient,” where the reference is to all the things the almighty is purported to have done for the Israelites on their way out of Egypt and during their wanderings in the Sinai. I’m sure the President is familiar with this chant since he has had seders at the White House more than once. I’m also sure that he never envisioned using Dayenu to highlight the horrors of one of his favorite projects, the passage of “Fast Track Authority,” the TPP, and other “free trade” agreements such as the TTIP, and the TISA, all of which would get “Fast Track Authority” if the present bill passes. Continue reading