Economists versus the people

[Kingpoleon]

The Keynesian model of public spending, where taxes are cut and spending hiked during recession, while spending is cut and taxes are raised otherwise, has held up pretty well. Very few economists, even from the Chicago School, dispute this generalization.

As far as free trade is concerned, gains are rarely less concrete than losses. The only concern I have heard that makes sense is the importance of a diverse economy. In theory, America’s loss of economic diversity as the percentage of unskilled labor declines should make our economy less stable. I have previously questioned this, because economic diversification is almost always measured based on industry rather than types of labor. Now, if it is shown that a decrease in unskilled labor alters the diversity of industry, then I will concede the point. I have not seen such a decrease conclusively given.