Re:Andy Grove Essay Commentary by Tyler Cowen
by SkyMarshal on Monday July 05, 2010 @02:32PM
(#1488785)
Agreed, that was something I'd expect to see from a Glen Beck-ish type pundit.
Another problem is that the econ profession is too informed by and reliant on theory. We know from past history that Grove's prescription (everything but the tarriffs part at least) works.
The jury is still out on the economic theories that have guided the nation's industrial policy for the past ~20 years.
They may have given us lots of cheap stuff faster than we would otherwise have gotten to these price points, but at the cost of a hollowed manufacturing sector and a massive cash outflow.
It is far from clear yet whether those tradeoffs were worth it, yet the Econ profession acts as if the question is settled. It isn't.
Another problem is that the econ profession is too informed by and reliant on theory. We know from past history that Grove's prescription (everything but the tarriffs part at least) works.
The jury is still out on the economic theories that have guided the nation's industrial policy for the past ~20 years.
They may have given us lots of cheap stuff faster than we would otherwise have gotten to these price points, but at the cost of a hollowed manufacturing sector and a massive cash outflow.
It is far from clear yet whether those tradeoffs were worth it, yet the Econ profession acts as if the question is settled. It isn't.