Prof. Doug Irwin: My wife is superior to me in all household activities, but that doesn’t mean I should sit back and do nothing …
Tonight’s and next Monday night’s City of Chicago edition of Public Affairs airs at 8:30 pm and midnight on Cable Ch. 21 [throughout the City]. It also airs in Evanston tonight and Wednesday night (and next week) at 8:30 pm on Cable Ch. 6. All programs this week and next feature Professor Irwin.
Doug Irwin is Professor of Economics at Dartmouth College and he debates and discusses with show host Jeff Berkowitz the efficacy of President Trump’s anticipated international trade policies, the causes of the Great Depression or Great Contraction in the 1930s, the benefits to the U. S. and other countries of multilateral free trade agreements and much, much more.
You can also watch the show, featuring Professor Irwin, 24/7 on our youtube channel.
A partial transcript of the show is included below:
Dartmouth Economics Department Professor Doug Irwin: When you look at the share of the labor force in manufacturing, that’s been declining since the 1950s, that’s not a new phenomenon…so as we shift to a service economy, how do we help those employees adjust? As they are younger, they have many more opportunities to get new skills… the major problem is the older manufacturing workers…
Prof. Doug Irwin: for any developing country that cuts itself off from world markets, it’s not going to do well [A developing country needs the trade conduit of new technology; even the U. S. benefits some from a transfer of new technology via trade].
Prof. Doug Irwin: The concept of comparative advantage means that countries should specialize in products [or services] in which they have a relative productivity advantage…My wife is superior to me in all household activities, but that doesn’t mean I should sit back and do nothing … there are activities in the household where my margin of inferiority relative to my wife are the least-- and those are the activities I should concentrate on [this is similar to how a country decides where to focus its production activities]
Doug Irwin: One contributing factor to the economic chaos during the period of the Great Depression in the 1930s was the Smoot-Hawley tariff, which congress passed in 1930-- which led to retaliation against the U. S., which in turn led to a decline in world trade. Other countries followed the U. S. imposition of tariffs. They mimicked the U.S. and raised trade barriers, which weren’t good for the world economy.
Doug Irwin: So when Franklin Roosevelt became President in 1933, he went to open up foreign markets for U. S. exports as a way of getting out of the Great Depression [Ed. Note, aka the Great Contraction at the University of Chicago and a few other great graduate schools of economics, due to the sharp decline in the nominal money stock by the Federal Reserve in the early 1930s being known as the other major contributing factor to the U. S. Depression in the 1930s].
Professor Irwin: Secretary of State Cordell Hull is near and dear to economists’ hearts because he helped introduce the idea of reciprocal trade agreements—which reduce and reduced trade barriers in other countries and the United States.
Filed under: Uncategorized
Tags: Changes in the money stock and economic activity, Chicago Booth, Dartmouth College, economics, free trade, Great Contraction, import quotas, international trade and economics, Jeff Berkowitz, Monetary theory, NAFTA, President Trump, price theory, Professor Doug Irwin, Professor Douglas Irwin, Public Affairs, Smoot Hawley, tariffs, trade agreements, trade theory, Trump and trade, University of Chicago economics department