Thursday, February 15, 2007

Prescott on Globalization

Nobelist Ed Prescott writes in today's Wall Street Journal (subscription required):
Of all the thankless jobs that economists set for themselves when it comes to educating people about economics, the notion that society is better off if some industries are allowed to wither, their workers lose their jobs, and investors lose their capital -- all in the name of the greater glory of globalization -- surely ranks near the top.
Yes, tell me about it.