The Fetish for Manufacturing Is Foolish
Tweet Here’s a letter to Yahoo!Finance: Editor: Uncritically reporting on Michael Pettis’s recent plea for higher tariffs, Jason Ma quotes Pettis’s assertion that America today is “suffering from … a declining manufacturing share of GDP” (“It’s different now: Tariffs can boost U.S. jobs, wages, and the economy, finance professor says,” January 6). Pettis is mistaken. For starters, there’s been no significant decline in manufacturing output as a share of U.S. GDP. From 1947 through 2015, as found by […]