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Extra resources for Adjusting to Global Economic Change: The Dangerous Road Ahead
I am an economist trained in deduction; I apply my training to policy analysis. My own view is eclectic, valuing both induction and deduction. Induction is necessary to convert deductive theory into something useful to policymakers in the real world. 1 The most important example of such synthesis in this paper concerns Adam Smith’s theory of comparative advantage. Comparative advantage, accepted in its pure form by almost all economists, points out that countries are best oﬀ producing those goods and services they make most eﬃciently compared with other products made in the same country, and trading the less-eﬃcient products for the ones that other countries produce more eﬃciently.
Levine, “Economists’ Contributions to Public Policy Planning,” in Proceedings of the International Conference on Public Policy Planning, Taipei: Research Development and Evaluation Commission, October 1989. 24 Adjusting to Global Economic Change: The Dangerous Road Ahead shift. But until wheat farmers can convert to becoming coal miners—which may be take a long time—A is going to have economic, political, and social diﬃculties. In the real-world histories and projections of this paper, China and India and others are beginning to produce goods and services with a diﬀerent mix of eﬃciency than had been the case.
But until wheat farmers can convert to becoming coal miners—which may be take a long time—A is going to have economic, political, and social diﬃculties. In the real-world histories and projections of this paper, China and India and others are beginning to produce goods and services with a diﬀerent mix of eﬃciency than had been the case. China, for example, used to export low-cost agricultural goods and textiles and import heavy manufactured goods from the developed world. That is changing: Now China produces and is beginning to export automobiles, and the comparative advantage of the United States and some of the rest of the developed world is increasingly in high-tech goods and services.
Adjusting to Global Economic Change: The Dangerous Road Ahead by Robert A. Levine