What I just love about our society is that as soon as any person is elected to public office, he assumes the mantle of an all knowing know-it-all. And if the MSM happens to support his particular position, they treat the politician as if he were in fact a know-it-all.
From the Washington Post. Byron Dorgan and Sherrod Brown attempt to explain “How Free Trade Hurts [1]:”
Worker activism, new laws and court decisions changed all that during the past century. As they did, a middle class grew and thrived. By mid-century, it became the engine that drove an ever-expanding economy in which benefits were shared by tens of millions of Americans. The American Dream of a secure, well-paid job with benefits, a nice house and a high-quality public education seemed within reach of everyone who worked hard and played by the rules
Greg Mankiw, does not agree [2]:
That last sentence is striking. There is no doubt that most Americans have seen dramatic improvements in living standards and workplace norms over the past century. But should we really give most of the credit to “worker activism, new laws and court decisions?” I don’t think so.
So just who is Mankiw and why should we care? From Mankiw’s blog:
I am a professor of economics at Harvard University, where I teach introductory economics (ec 10) among other courses. I use this blog to keep in touch with my current and former students. Teachers and students at other schools, as well as others interested in economic issues, are welcome to use this resource.
I’d say that gives Mankiw considerably more bona fides than Dorgan and Brown.