Wednesday, April 06, 2005

Bush nominee for Council of Economic advisors has an epiphany.

This from Maxspeak, via The Economic Policy Institute's a doozy. It's from a paper written by Benjamin Bernanke I (note "the first" which is a surefire sign of a pretentious git). I pity the person who had to go through this report, although uncovering this gem amongst the dross may have made it worthwhile.

First of a continuing series, and boy are we going to have fun with it. Meet the new Bush nominee for head of the Council of Economic Advisers:

"Figure 21.6 showed that, following the opening to trade, real wages and employment fall in (a) textiles and rise in (b) software. At that point, wages and job opportunities are much more attractive in the software industry than in textiles. Will this situation persist? Clearly, there is a strong incentive for workers who are able to do so to leave the textile industry and seek employment in the software industry."

-- Principles of Economics, Robert Frank and Ben Bernanke, p. 558, 2001.

(One of our goals at EPI is to save the world from economists.)

Yep folks, all those out of work textile workers are now writing code for your computer.


Post a Comment

<< Home