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There has been a recent edit warring on this page (beginning with this edit) regarding the statement:
The notion that trade deficits are bad in and of themselves is widely rejected by trade experts and economists.
An editor ( Shharp prefers the wording
The notion that trade deficits are bad in and of themselves is widely rejected by American trade experts and American economists.
noting that this idea may be unique to American experts and not universally held. The cited source does not identify the opinion and a peculiarly American idea, as pointed out by Snooganssnoogans in this edit summary, although the author and publisher of the source are both Americans.
I would recommend to Shharp that if they wish to have their preferred wording, they must provide a reliable source showing that opinions of experts in other countries differ from those of US authors.
I invite and urge both Shharp and Snooganssnoogans to join this discussion. WikiDan61 ChatMe! ReadMe!! 16:45, 25 October 2017 (UTC)
The sources presented don't show consensus among economists on the effects of the trade deficit on the economy.
the sentence "The notion that trade deficits are bad in and of themselves is widely rejected by trade experts and economists, is therefore completely false.
The IMF writes exactly that trade deficit can be harmful [1]
A survey of economists with at "least one quarter are non-Americans", is not enough to say that there is a consensus in the world.
Shharp ( talk) 08:34, 26 October 2017 (UTC)Shharp
I presented the analyses of Stiglitz
[1]
[2]
[3] and Bernanke
[4](among the most renowned American economists) who believe that trade deficits are harmful.
And a country such as China considers the trade balance as an important factor: it pursues a mercantilist economic policy (based on trade surpluses). [5] [6] [7] Chinese economists have clearly a different view of economics.
And Russia is pursuing a policy based on protectionism (according to which international trade is not a "win-win" game but a zero-sum game: surplus countries get richer at the expense of deficit countries [8]) [9] [10]
Shharp ( talk) 13:05, 26 October 2017 (UTC)
References
The notion that trade deficits are bad in and of themselves is rejected by some trade experts and economists.
How do you know that the Chinese and Russian governments don't adopt policies that are consistent with those of their economists?
China has been conducting this surplus policy for several decades. So you assume that the Chinese and Russian leaders are stupid, don't listen to their own economic experts, don't know what they're doing, and are necessarily less competent than American leaders?
Shharp ( talk) 17:13, 26 October 2017 (UTC)
With a minimum of modesty, we can only acknowledge that there are major differences in economic doctrines between countries.
Moreover, given the current economic and political situation in the United States, I am not sure that their economic politics can be considered as models in the world.
Shharp (
talk) 17:40, 26 October 2017 (UTC)
Stiglitz writes about Keynesian theory about trade imbalances in general (and not just about an inflexic currency)
Bernanke explains the origin of the trade deficits by citing the undervaluation of the German currency against other eurozone countries. But he clearly explains the role of deficits in the crisis: "The fact that Germany is selling so much more than it is buying redirects demand from its neighbors (as well as from other countries around the world), reducing output and employment outside Germany"
Moreover, the United States has the same problem with other currencies, which explains its trade deficit. : https://www.theguardian.com/business/2015/aug/11/china-devalues-yuan-against-us-dollar-explainer http://www.investopedia.com/articles/forex/072115/how-undervalued-yuan.asp https://www.cnbc.com/2017/02/08/trump-does-have-a-point-the-japanese-yen-is-undervalued-strategist.html
Shharp ( talk) 18:33, 26 October 2017 (UTC)
The economic model followed by Russia and China (as well as South Korea, Taiwan,...) http://www.fes.de/ipg/IPG2_2005/ROBERTWADE.PDF is not a pure invention.
It is simply the model followed by... the United States between the 18th century and 1945 (the model inspired by Alexander Hamilton, author of the text "Report on Manufactures" /info/en/?search=Report_on_Manufactures) and between 1945 and 1971 (the Bretton Woods Agreement) that enabled the United States to control its deficit. Shharp ( talk) 18:56, 26 October 2017 (UTC)
I agree with the sentence :"The notion that trade deficits are bad in and of themselves is rejected by some trade experts and economists."
but Stiglitz and Bernanke's analysis and information on other countries should be cited.
Shharp (
talk) 20:00, 26 October 2017 (UTC)
I tried to debate but unfortunately, Snooganssnoogans does not want consensus despite the sources provided and despite WikiDan61's opinion on the sentence "The notion that trade deficits are bad in and of themselves is rejected by some trade experts and economists."
Shharp (
talk) 17:53, 28 October 2017 (UTC)
I point out that this page doesn't belong to Snooganssnoogans, and that he's obliged to take into account the opinion of other publishers. Shharp ( talk) 18:36, 28 October 2017 (UTC)
I proposed the terms "American economists" or "economists of the United States", which I thought were more realistic; but this was also rejected by Snooganssnoogans
Shharp (
talk) 18:57, 28 October 2017 (UTC)
The economic doctrine applied by these countries is totally contrary to the United States. Where's the consensus? there is no global consensus in the world
Shharp ( talk) 19:14, 28 October 2017 (UTC)
Economics is not an exact science like Mathematics but a human or social science. Even economists say that
Shharp ( talk) 19:55, 28 October 2017 (UTC)
There are major ideological divergences between economists: those who follow the doctrine of hayek, keynes, neoclassical theory,...
Shharp ( talk) 20:25, 28 October 2017 (UTC)
None of your sources show consensus at the global level .They only show polls at American universities.
This article is rated C-class on Wikipedia's
content assessment scale. It is of interest to the following WikiProjects: | |||||||||||||||||||||||||||||||
|
Archives ( Index) |
This page is archived by
ClueBot III.
|
There has been a recent edit warring on this page (beginning with this edit) regarding the statement:
The notion that trade deficits are bad in and of themselves is widely rejected by trade experts and economists.
An editor ( Shharp prefers the wording
The notion that trade deficits are bad in and of themselves is widely rejected by American trade experts and American economists.
noting that this idea may be unique to American experts and not universally held. The cited source does not identify the opinion and a peculiarly American idea, as pointed out by Snooganssnoogans in this edit summary, although the author and publisher of the source are both Americans.
I would recommend to Shharp that if they wish to have their preferred wording, they must provide a reliable source showing that opinions of experts in other countries differ from those of US authors.
I invite and urge both Shharp and Snooganssnoogans to join this discussion. WikiDan61 ChatMe! ReadMe!! 16:45, 25 October 2017 (UTC)
The sources presented don't show consensus among economists on the effects of the trade deficit on the economy.
the sentence "The notion that trade deficits are bad in and of themselves is widely rejected by trade experts and economists, is therefore completely false.
The IMF writes exactly that trade deficit can be harmful [1]
A survey of economists with at "least one quarter are non-Americans", is not enough to say that there is a consensus in the world.
Shharp ( talk) 08:34, 26 October 2017 (UTC)Shharp
I presented the analyses of Stiglitz
[1]
[2]
[3] and Bernanke
[4](among the most renowned American economists) who believe that trade deficits are harmful.
And a country such as China considers the trade balance as an important factor: it pursues a mercantilist economic policy (based on trade surpluses). [5] [6] [7] Chinese economists have clearly a different view of economics.
And Russia is pursuing a policy based on protectionism (according to which international trade is not a "win-win" game but a zero-sum game: surplus countries get richer at the expense of deficit countries [8]) [9] [10]
Shharp ( talk) 13:05, 26 October 2017 (UTC)
References
The notion that trade deficits are bad in and of themselves is rejected by some trade experts and economists.
How do you know that the Chinese and Russian governments don't adopt policies that are consistent with those of their economists?
China has been conducting this surplus policy for several decades. So you assume that the Chinese and Russian leaders are stupid, don't listen to their own economic experts, don't know what they're doing, and are necessarily less competent than American leaders?
Shharp ( talk) 17:13, 26 October 2017 (UTC)
With a minimum of modesty, we can only acknowledge that there are major differences in economic doctrines between countries.
Moreover, given the current economic and political situation in the United States, I am not sure that their economic politics can be considered as models in the world.
Shharp (
talk) 17:40, 26 October 2017 (UTC)
Stiglitz writes about Keynesian theory about trade imbalances in general (and not just about an inflexic currency)
Bernanke explains the origin of the trade deficits by citing the undervaluation of the German currency against other eurozone countries. But he clearly explains the role of deficits in the crisis: "The fact that Germany is selling so much more than it is buying redirects demand from its neighbors (as well as from other countries around the world), reducing output and employment outside Germany"
Moreover, the United States has the same problem with other currencies, which explains its trade deficit. : https://www.theguardian.com/business/2015/aug/11/china-devalues-yuan-against-us-dollar-explainer http://www.investopedia.com/articles/forex/072115/how-undervalued-yuan.asp https://www.cnbc.com/2017/02/08/trump-does-have-a-point-the-japanese-yen-is-undervalued-strategist.html
Shharp ( talk) 18:33, 26 October 2017 (UTC)
The economic model followed by Russia and China (as well as South Korea, Taiwan,...) http://www.fes.de/ipg/IPG2_2005/ROBERTWADE.PDF is not a pure invention.
It is simply the model followed by... the United States between the 18th century and 1945 (the model inspired by Alexander Hamilton, author of the text "Report on Manufactures" /info/en/?search=Report_on_Manufactures) and between 1945 and 1971 (the Bretton Woods Agreement) that enabled the United States to control its deficit. Shharp ( talk) 18:56, 26 October 2017 (UTC)
I agree with the sentence :"The notion that trade deficits are bad in and of themselves is rejected by some trade experts and economists."
but Stiglitz and Bernanke's analysis and information on other countries should be cited.
Shharp (
talk) 20:00, 26 October 2017 (UTC)
I tried to debate but unfortunately, Snooganssnoogans does not want consensus despite the sources provided and despite WikiDan61's opinion on the sentence "The notion that trade deficits are bad in and of themselves is rejected by some trade experts and economists."
Shharp (
talk) 17:53, 28 October 2017 (UTC)
I point out that this page doesn't belong to Snooganssnoogans, and that he's obliged to take into account the opinion of other publishers. Shharp ( talk) 18:36, 28 October 2017 (UTC)
I proposed the terms "American economists" or "economists of the United States", which I thought were more realistic; but this was also rejected by Snooganssnoogans
Shharp (
talk) 18:57, 28 October 2017 (UTC)
The economic doctrine applied by these countries is totally contrary to the United States. Where's the consensus? there is no global consensus in the world
Shharp ( talk) 19:14, 28 October 2017 (UTC)
Economics is not an exact science like Mathematics but a human or social science. Even economists say that
Shharp ( talk) 19:55, 28 October 2017 (UTC)
There are major ideological divergences between economists: those who follow the doctrine of hayek, keynes, neoclassical theory,...
Shharp ( talk) 20:25, 28 October 2017 (UTC)
None of your sources show consensus at the global level .They only show polls at American universities.