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Tuesday, September 09, 2003

Posted by Tanstaafl
CNN.com - Naked activists protest WTO meeting - Sep. 9, 2003: "Activists marched in the streets and stripped on the beaches in an attempt to derail a meeting of the World Trade Organization, at which representatives of 146 countries will try to increase global commerce without throwing millions out of work. "

This is inexcusably slanted reporting. "...without throwing millions out of work"?!?! That makes it sound like job-loss is the natural result of increased trade, which almost any economist will tell you is dead wrong. Protectionism increases the cost of goods, decreases available markets and hurts manufacturers and consumers. True, jobs may be lost in some industries where an international work-force has a comparative advantage, however jobs will be created in other industries. The result is a more efficient allocation of human capital.

Brian -- Even my extremely Liberal "The International Political Economy" professor talked about that fact on the first day of class. Amazing.


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