The Homo economicus fallacy

After 20 years of NAFTA, protectionism, once pronounced dead in the water, seems to be raising its damp head despite powerful economic arguments that back up free trade.  As Mark Twain said, “rumors of my death have been greatly exaggerated.” 1. Free Trade and the Loss of U.S. Jobs – the Washington Post 2. Trade policy and job loss – Economic Policy 3. Fast Track to Lost Jobs: Free Trade Agreements Are 4. NAFTA Cost U.S. 700k Jobs, Report Says – The Huffington Post 5. Free Trade Costs American Jobs – Newsweek Granted, this is not your Smoot-Hawley protectionism but rather a look before you leap criticism of slap-happy free trade. This editorial in the New York Times by the distinguished economist Craig Roberts, who was president Reagan’s principle adviser in dealing with stagflation, indicates how the free trade ship of state may be headed for a wreck on the shoals of the new outsourcing...(Read Full Post)