"Econ 102" with Noah Smith and Erik Torenberg
Preparing for a Second China Shock and Bad Economists with Brad DeLong
Sep 13, 2024
In this engaging discussion, economist Brad DeLong, known for his insights in macroeconomics and economic history, joins to explore the potential for a 'China Shock 2' and its implications on the U.S. economy. They evaluate the historical impacts of trade dynamics, delve into strategies to navigate high-stakes geopolitical challenges, and critique current economic policies. DeLong also addresses the evolving role of economists and the challenges posed by modern warfare and technology in economic discourse, emphasizing the need for deeper understanding in an era of superficial online discussions.
01:11:00
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Quick takeaways
- The potential for a 'China Shock 2' is a pressing concern, emphasizing the need for proactive economic strategies to mitigate future disruptions.
- Critiques of the George W. Bush administration reveal how past macroeconomic policy failures have shaped today's economic challenges and responses.
Deep dives
The Impacts of Past Economic Shocks
The discussion revolves around the historical context and consequences of the first China shock, which occurred in the early 2000s. This shock led to a significant increase in manufactured imports from China, dramatically affecting U.S. manufacturing, especially in the Midwest. Employment opportunities for blue-collar male workers, particularly those in older demographic groups, were severely dented as jobs shifted towards construction and service industries in other regions. The impact of these economic changes led to a cultural shift and heightened political tensions, contributing to the political landscape that facilitated the rise of Trump.
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