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ASSA 2018 is the annual conference of the American Economic Association, drawing together the economics profession in the US to discuss hundreds of papers and debate the key issues and ideas that mainstream economics considers. This year in freezing Philadelphia, there has been an obsession with President Trump, his antics and ‘Trumponomics’ if we can call it that. As Trump launched his latest tirade of weird tweets against a new book outlining his mentally unstable antics, the great and good of America’s mainstream economists considered his economic policies.

And they were worried. Three things gripped the mainstream. The first was the apparent failure of globalisation since the Great Recession; the poor level of productivity growth in the major capitalist economies in the last ten years; and the effectiveness of Trump’s proclaimed protectionist trade policy that he has combined with slashing reductions in taxation on the US corporate sector and his rich elite friends.

It seems that the mainstream is now aware that free trade and free movement of capital that has accelerated globally over the last 30 years has not led to gains for all – contrary to the mainstream economic theory of comparative advantage and competition.

full: https://thenextrecession.wordpress.com/2018/01/07/assa-2018-part-one-globalisation-inequality-and-populism/
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