Paul Krugman, pictured above, won the Nobel Prize in Economic Sciences in 2008. He writes for The New York Times, and and on October 19, 2024, Krugman's "Opinion" column in The Times was titled, "Trump's Radical Tariff Proposal Could Wreck Our Economy."
Click right here for the column (understanding that you may be stymied by a paywall imposed by The Times). I, personally, think that this column is very much worth reading. It is a relatively short and pretty understandable explanation of tariffs, and explains how they work (or don't work, I guess you'd have to say).
I want especially to highlight the following point, which isn't really about the "economic" impact of tariffs, but speaks to another aspect of what lowering trade barriers can mean:
Some of Roosevelt's officials, especially Cordell Hull, his long-serving secretary of state believed that closer trading ties between nations were a force for world peace.
We are "in this together" not only on a national basis, but on a global basis, as well. "Beating" other countries, economically - putting national economic self-interest as a top priority - is contraindicated.
"World Peace" ought to be on our New Year's Resolutions List, so I am urging you to think about the point that Krugman is making!
No comments:
Post a Comment
Thanks for your comment!