Do you even Econ 29?
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Replying to @davekopec
Because I've been doing it for almost 10 years. It's like...if a professor at Dartmouth taught a course called "Theoretical Analysis of Computer Science and Software Development Consulting" and never himself practiced consulting. It'd be bullshit too.pic.twitter.com/XHl2zMLqSm
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Replying to @Molson_Hart
They are teaching academic theories resulting from hundreds of years of research. I wouldn't attack them for not being practitioners in international trade. I would maybe attack the social science of economics for being too sure of itself and its models...
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Replying to @davekopec
To counter your point, just because a high school biology teacher has never worked as a scientist, doesn't mean the theories they are teaching students are false. Your argument for why academic theories are false should rest on their merits, not the messengers.
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Replying to @davekopec
First, if the models are wrong, why teach them? Second, because they're not practitioners, they cannot tell you if the models are right or wrong. Biology is (mostly) different, because it can be measured, tested, and, if wrong, falsified. I'm attacking the merits of the field.
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Replying to @Molson_Hart
Well you've touched on the big issue with social sciences, especially economics, in that it is rarely possible in economics research to do a controlled experiment. That said, I would like you to specifically attack an individual theory of international trade and why it is wrong.
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Replying to @davekopec
I can give you a couple: "Free trade is always better than trade with tariffs/other barriers": poor, undeveloped countries cannot become developed without protecting their nascent industries. Singapore, SK, and China all did this to economically develop.
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Replying to @Molson_Hart @davekopec
The theory of competitive advantage: In almost every industry, you need some element of duplication. Look at rare earth metals. China controls like 80%+ of the world's supply. If something happens, we have no cell phones. True for everything from food to plastic injection molding
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Efficient markets in international trade and FX exchange. Think about how long labor-rate arbitrage has been going on between the U.S. and China. 25 years? If no, tariffs it would still be rising! Interest rate arbitrage also is woefully myopic - investors get blown up!
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Replying to @Molson_Hart
Well we don't have truly efficient markets. I agree with that.
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