One of the ongoing populist explanations for the efficacy of tariffs is historicism; we had tariffs during a time of exceptional growth during the Gilded Age of the United States. I think these historicist arguments tend to have little weight. I tend to resort to neoclassical explanations for economic growth: low labor costs, low regulatory environment and by historical standards, lower overall levels of taxation across the board.
I think the mesoeconomic use of tariffs to induce industrial agglomeration is something that warrants greater investigation; South Korea is an example that developmental scholars claim have used these tariffs to induce nascent industrial growth, especially in shipbuilding and semiconductors.
I write mainly about US monetary policy, US fiscal policy, trade/industrial policy, and climate change policy.
I have my opinions about which US political party is by far the least bad and they are not hard to figure out, but I try to keep my analysis of the issues non-partisan.
Keynes said, “Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.”
One of the ongoing populist explanations for the efficacy of tariffs is historicism; we had tariffs during a time of exceptional growth during the Gilded Age of the United States. I think these historicist arguments tend to have little weight. I tend to resort to neoclassical explanations for economic growth: low labor costs, low regulatory environment and by historical standards, lower overall levels of taxation across the board.
I think the mesoeconomic use of tariffs to induce industrial agglomeration is something that warrants greater investigation; South Korea is an example that developmental scholars claim have used these tariffs to induce nascent industrial growth, especially in shipbuilding and semiconductors.
Hi
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I write mainly about US monetary policy, US fiscal policy, trade/industrial policy, and climate change policy.
I have my opinions about which US political party is by far the least bad and they are not hard to figure out, but I try to keep my analysis of the issues non-partisan.
Keynes said, “Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.”
I want to be that scribbler.
Thanks,
Nicely balanced and thorough discussion.