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Thread: Economics is Fun, Part 13: International Trade

  1. #21
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    It stands to reason that manufacturing jobs would drop though. That's partly because of automation and increases in efficiency, and also due to the cyclical nature of the industry.

    I hunted the original source of that chart:

    http://research.stlouisfed.org/publi...Andolfatto.pdf

    "But there appear to be clear trends in at least two sectors: Manufacturing sector employment is in longrun decline, while employment in the education and health services sector is steadily on the rise—even through the most recent recession. In terms of cyclicality, there is no surprise. To take two extremes, construction sector employment is highly cyclical, while government sector employment is not. Roughly half of the industries in Figure 2 display employment levels that have leveled off during the past year, while most other industries experienced an increase."

    (top of page 139)

  2. #22
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    Great chart; just remember that sectors like manufacturing and construction, mining and logging have dropped a lot in numbers of employees, but not as much in productivity (think automation).

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    Isn't that what I just said? We agree.

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    I think we posted at the same time. Yours was not up before I posted.

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    Well, yes, a lot of manufacturing jobs are being replaced by automation. But rise in automation creates new jobs designing, creating, running and maintaining those automated machines.

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    Quote Originally Posted by Chris View Post
    Well, yes, a lot of manufacturing jobs are being replaced by automation. But rise in automation creates new jobs designing, creating, running and maintaining those automated machines.
    True, but those new jobs are still much fewer in number than would be needed for the same production a couple of decades ago.

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    If you want to employ a lot of people to build a road, give them shovels. If you want the road built quickly give them modern equipment.

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    Here's a surprisingly interesting article from NPR, What America Sells To The World
    It's a myth that the U.S. doesn't make anything anymore. It's a myth that we don't export anything to the rest of the world.

    Yes, we import more than we export. Our trade deficit last year was $558 billion


    But we export a lot. Last year, U.S. exports were worth $2.1 trillion. Which raises a simple question: $2.1 trillion worth of what?
    The rest of the article visualizes the data on exported goods and services.

    The most surprising to me was the following:


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    The country by country breakdown is pretty interesting. A substantial amount of our oil comes from Mexico and Canada. It looks like we sell it back to them refined.
    Whoever criticizes capitalism, while approving immigration, whose working class is its first victim, had better shut up. Whoever criticizes immigration, while remaining silent about capitalism, should do the same.


    ~Alain de Benoist


  12. #30
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    Quote Originally Posted by Chris View Post
    Here's a surprisingly interesting article from NPR, What America Sells To The World
    The rest of the article visualizes the data on exported goods and services.

    The most surprising to me was the following:


    Very interesting. I'll check out the link.

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