Finished "Trade Wars Are Class Wars" last night. Most of my praise will prove redundant. If you're new to the discipline, this is much better than anything taught in intro, intermediate, or advanced macro.
I hope this can be a generational inflection point in macro thought
I hope this can be a generational inflection point in macro thought
Strongest aspects:
1. The history alone is great. They draw from a number of underrated examples/precedents. The authors also show a deep care for placing events in their proper context. If only economic analysis was always rooted in such historical and contextual literacy...
1. The history alone is great. They draw from a number of underrated examples/precedents. The authors also show a deep care for placing events in their proper context. If only economic analysis was always rooted in such historical and contextual literacy...
2. The emphasis on accounting and balance of payments data. Prominent academics love to say "that's just accounting," mostly to avoid questioning investment-saving relationships. Damning that prominent credentialed economists are so BoP-illiterate (some get explicit mention)
3. Relating real w/ nominal. Many (most?) economists struggle to distinguish capacity constraints from financial constraints. Fewer engage w/ the political choices reflected by financial constraints and whether they serve the productive purpose of improving capital allocation
Other good themes that lie slightly beneath the surface:
- The artificial lines between the public sector and the private sector (that economic theory likes to draw)
- How internationalism can be something different and better than the Cato Institute's trade liberalization agenda
- The artificial lines between the public sector and the private sector (that economic theory likes to draw)
- How internationalism can be something different and better than the Cato Institute's trade liberalization agenda
