The Forum > Article Comments > 1,000,000 economists can be wrong: The free trade fallacies > Comments
1,000,000 economists can be wrong: The free trade fallacies : Comments
By Steve Keen, published 30/9/2011The Neoclassical model that dominates economics today is riven with logical and empirical fallacies.
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>>But how many of the "manufactured goods or commodities" do we actually "need"?>>
Do we need vehicles, computers, MRI scanners, tractors, cranes?
Do we need penicillin, trains, trams, telephones, telephone exchanges, TV sets?
Do we need all that goes with these objects?
Do you seriously think we could turn raw materials into trams just to satisfy the domestic market.
Sure by some measures we may be importing things we don’t strictly “need.” I suggest most of our imports are things we do need and could not manufacture entirely ourselves.
Vanna
The “trickle down” effect is nonsense. But that’s NOT a free trade issue.
I have seen a “looting elite” at work in many African countries that did not in any sense practise free trade.
A lot of the ills of society that are blamed on free trade have nothing to do with free trade.
The ills of society do need to be addressed. Sadly, governments seem to have stopped even trying to do that. But most of them cannot be rectified through tariffs.