Donald Trump is not a professor, but for years he will be yielding insights to every student of economics. His Tuesday address on trade did a masterful job of combining antiquated fallacies with misinformation and ignorance to create an encyclopedia of error. Instructors have never had so much free help constructing their lesson plans.
The vision Trump conjures is one of alluring simplicity. He promises to achieve “economic independence” by abandoning globalization, instead using American workers to produce American goods. This change, he said, would “create massive numbers of jobs” and “make America wealthy again.”
It’s a scam, Steven Chapman explains, skillfully pitched to fool the gullible. His framework is a house of cards built on sand in a wind tunnel. Its most noticeable feature is a total divorce from basic economic realities.
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