From: ravi
[Samuelson's new position on free trade, etc] Guru of economics does an about-turn on free trade At 89, after decades of speaking in favour of it, Paul Samuelson says it's not such a good thing after all -clip- The thrust of Samuelson's analysis is that a country like China, basically a low-wage economy, will create a net negative impact on the American people, when it manages a substantial rise in productivity in an industry in which the United States was earlier a leader. Initially, American consumers may benefit from low-priced goods in their supermarket chains, but their gains may be more than neutralised by large losses sustained by American workers who lose their jobs.... ^^^^^ CB: Gee, that's pretty easy to understand. Probably don't even need science to get it.
