Best of the Blogosphere: June 20, 2008

Free trade; income and productivity; income and education; Americans and debt; income inequality

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1) Daniel Drezner on free trade:

Yes, globalization is responsible for some job losses and wage compression, but its contribution is pretty damn small. Obama—or his advisors—are being disingenuous when he says that jobs have left Michigan for China. Those jobs have disappeared into the ether, period. Technological innovation has yielded so much in the way of productivity gains that even though manufacturing jobs are shrinking in the United States, manufacturing output in this country has more than doubled since 1980. The same process has caused the global number of manufacturing jobs to shrink as well.

2) Mark Perry of Carpe Diem explores the link between compensation and productivity.

3) Kurt Brouwer of Fundmastery has a great chart showing the relationship between education and income.

4) John Tamny of RealClearMarkets explodes myths about Americans and debt.

5) Russell Roberts of Café Hayek weighs in on income inequality.


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