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Trade Enragement Syndrome

31 Sunday Jul 2016

Posted by pnoetx in Free Trade, Protectionism

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Bernie Sanders, Capital Account Surplus, Don Boudreaux, Donald Trump, Free trade, Geocentrism, Heliocentrism, Import Competition, monopoly power, NAFTA, Protectionism, Trade Deficit, Trans-Pacific Partnership

tradebarriers

Trade makes us richer, not poorer. The anti-trade rhetoric spouted by neo-mercantilists like Donald Trump and Bernie Sanders is about as sensible as a boycott on goods produced in the next town, or for that matter, on anyone with whom one might otherwise choose to trade. Don Boudreaux perfectly captures my feelings about the rising trend of protectionist sentiment by comparing it to geocentrism:

“Lately I feel as I imagine an astronomer would today feel if, centuries after Copernicus and Galileo proved beyond a shadow of a doubt that the earth isn’t the center of the solar system, large numbers of people – including popular media pundits and politicians – began to insist that the sun and the planets and the stars do indeed all revolve around a stationary earth that is situated in the center of the universe.“

The very motivation for trade is to obtain something of value that one did not produce, to acquire that which one cannot easily acquire without trade, or to acquire it on more favorable terms than otherwise. It recognizes the reality that one’s productive efforts should be focused in an area that best suits their skills or natural talents. That’s better for the individual and better for society! Countries should produce what they are best at producing, which gives them a cost advantage in their areas of specialization. Trade allows individuals and nations to specialize in production but diversify in consumption, allowing them to enjoy access to the broadest possible range of goods and services produced worldwide.

The consummation of any trade heralds the attainment of mutual benefits to the parties: one produces and employs at a profit; the other consumes a thing of greater value than the price paid. The payments for foreign goods must come from either domestically-produced goods or from foreign investment in domestic real estate, buildings, factories or other real and financial assets. That is, if we purchase more goods from abroad than we export, then foreigners must either hold the dollars they receive or invest them in other ways. The latter represent trades in assets, and those trades, too, are mutually beneficial. The result is that U.S. investors gain and/or the economy benefits from new, productivity-enhancing plant and equipment, not terrible outcomes. Trade deficits are balanced by capital surpluses, and trade surpluses are balanced by capital deficits. Taken together, trade in goods and capital (assets) always balance and are mutually beneficial in every case, whether we run a trade deficit or a surplus.

That said, it’s worth emphasizing that so-called free trade agreements are something of a sham. Countries don’t trade. People do. Unfortunately, I have indulged the notion of national trade negotiation in the past, if only implicitly, by vouching for trade agreements like NAFTA and TPP as sort of second-best solutions to the horrid reality of trade restrictions promulgated by protectionist politicians. I reasoned that dismantling those barriers, one-country (or region) at-a-time was preferable to doing nothing. However, negotiations like these become mired in extraneous issues such as environmental policies, labor laws, immigration rules and other commercial policies. Nor do those negotiations always inhibit domestic subsidies to politically-favored activities. Indeed, they might actually encourage subsidies for value-eroding projects. Again, the entire process of trade negotiations is extraneous to the extent that trade takes place between individuals. Unfettered gains from trade require the absence of trade barriers. Dropping them unilaterally would benefit consumers, encourage efficiency by domestic producers, and provide a great example for other nations.

Opponents of trade, like Messrs. Trump and Sanders, lack a basic understanding of the reasons why individuals engage in cooperative exchange. Or at least they fail to acknowledge, for political reasons or sheer density, that what improves well-being at home is freedom to transact, across our borders as well as within our borders. To prevent this activity is to forcibly deny individual freedom. Boudreaux makes this point be asking trade opponents a series of questions, the first few of which are listed below:

“– Are you made richer if the supermarket … at which you once shopped hires armed goons to force you to start shopping there again?

– Do you believe that the owners and the employees of [that store] are so ethically entitled to your continuing patronage as a consumer that they are justified in employing armed goons to prevent you from shopping elsewhere?

– Do you believe that, now that [the store] has successfully forced you not to shop at competing supermarkets, that the owners and employees … will work as diligently and as creatively as possible to keep the prices they charge low and the quality of their service high?

– Do you believe that the higher profits and higher wages reaped by [the store’s] owners and workers as a result of their holding you hostage as a customer make you more prosperous?

– Do you believe that the higher profits and higher wages reaped by [the store’s] owners and workers as a result of their holding you hostage as a customer make your community more prosperous, even though [the store’s] higher profits and higher wages are necessarily funded by money that you and other … ‘customers’ are forced not to spend on other goods, services, or investment options?

– If you believe that [the store] has a right to force you not to shop for food at other supermarkets, do you believe also that [the store] has a right to force you not to grow more of your own food, or not to eat out more often at restaurants, or not to go on a diet?“

It is difficult to believe that educated people believe restrictions on the freedom of individuals to cooperate with others will improve their well being. Of course, those educated people are often politicians who stand to benefit from frightening voters, and who have no interest in reminding them that a flow of foreign goods broadens choices, reduces prices, and provides valuable discipline to domestic businesses. Without competitive discipline, we forgo important benefits and instead allow quality and price to come under the arrogant power of monopolists. There are, of course, many producers who are willing to provide meaningful support to politicians who will protect them from foreign competition. That’s not capitalism. Its cronyism!

 

Climate Alarmists Warm To Speech Control

02 Monday May 2016

Posted by pnoetx in Global Warming

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ABC/Walt Disney, AGW, Al Gore, Climate Alarmism, Climate Doomsday, Coyote Blog, David French, ExxonMobile, False Consensus, Galileo, Heliocentrism, Inquisition, IPPC, Josh Gelernter, Judith Curry, Loretta Lynch, Natural Attribution, Rick Moran, Temperature Measurement, Warren Meyer

AGW-cartoon

The reactionaries in the global warming plunderbund are revealing their philosophical bankruptcy, dishonesty, and inner fascism. Science is a continuous process of learning through empirical observation, theory and testing. Refutation is as important to the process as original research and replication. Experimental results can be confirmed, but theory can never be established as absolute fact. The term “settled science” is very nearly an oxymoron, yet we constantly hear that climate science is “settled”. Nothing could be further from the truth.

We are asked by the warmists to accept sweeping conclusions on the basis of an extremely short historical record, one that is clouded by sharp disputes over measurement issues. The long-term record based on temperature proxies shows that recent trends are well within the range of natural variability. We are asked to accept conclusions based largely on models that have proven to be extremely inaccurate and that fail to account for important climate influences such as solar variation and oceanic cycles. And with essentially no historical justification, we are asked to accept assumptions about what global temperatures “should be”, and that we should make drastic sacrifices in a quixotic effort to make temperatures stay put. To do so, we are asked to divert resources on a massive scale to mitigate a risk that is speculative at best. An alternative view is that mankind should make sacrifices in order to adapt to change when it occurs, rather than taking the arrogant view that we can, with sufficient coercion and manipulation of private decisions, dominate natural forces to assure climate stability.

Warren Meyer at Coyote Blog has an excellent series of posts on climate change. The most recent of those posts is on natural attribution of climate change. It includes links to earlier parts of his series. Meyer compares today’s alarmists to a hypothetical observer predicting future temperatures in the year 1600, roughly the minimum of the “mini ice-age”. Of course, that observer would have said it would get colder based on his experience, but that would have been wrong. Today’s alarmists rest their case on a 20-year uptrend between 1978 and 1998, tying it to man-made carbon dioxide emissions. In fact, a longer-term view shows that surface temperatures had increased in similar spurts before carbon emissions were a factor of any kind.

Scoundrels tend to twist facts when the facts don’t support their view. Rick Moran reports on an academic paper concluding that it’s acceptable to lie about the threat posed by climate change. It’s not enough to present research and the full range of uncertainty surrounding forecasts, which is very wide. No, the reporting must be wrapped in a sort of Grimm’s fairy tale in order to teach the public a lesson, unschooled children that they are. Such is the manipulative nature of the warmist community.

And the dishonesty is extensive. Remember the claim that 97% of climate scientists accept the proposition of man-made global warming? It was debunked in short order, but the media seemingly can’t get enough of a disaster scenario, so the claim lives on. Famed climatologist Judith Curry has a number of posts on her blog explaining the misleading details of this bit of disinformation. Among the problems of methodology and reporting of this “survey” result is that it was not based on an actual survey of scientists. Instead, it rated abstracts of publications as to their consistency with particular views of the anthropomorphic global warming (AGW) proposition. Not only does this method double-count the views of individual scientists; the authors were highly selective about which scientists and how many of their publications were counted. Even more interestingly, the criteria were so loose that abstracts written by certain scientists known to be skeptical of AGW were counted within the 97%! In one of Curry’s posts, entitled “The Conceits of Consensus“, she discusses the weaknesses and refutations of the claim of a strong consensus, including the participation of non-scientist evaluators of research abstracts in the sample:

“Bottom line: inflating the numbers of ‘climate scientists’ in such surveys attempts to hide that there is a serious scientific debate about the detection and attribution of recent warming, and that scientists who are skeptical of the IPCC consensus conclusion are disproportionately expert in the area of climate change detection and attribution.“

Other studies have found that a majority of surveyed meteorologists (see here and here), geoscientists and engineers are skeptical of AGW. But again, this information is essentially ignored by the media and self-interested politicos because it does not support the crisis narrative that dictates coercive action by government.

Apparently, propaganda in support of the increasingly dubious warmist position must be reinforced by more drastic measures. Prominent leftists in government are asking whether disputing climate change is punishable under the law. You read that right! Two state attorneys general have threatened to prosecute ExxonMobil for allegedly misleading investors and the public about climate change. Senator Sheldon Whitehouse (D-RI) has proposed using RICO organized crime law to go after certain energy companies for climate change “denial”. Loretta Lynch, the U.S. Attorney General, has asked the FBI to look into it. To hell with freedom of speech. To hell with the spirit of free scientific inquiry. Your authoritarian masters insist that you must fall into line with their climate change agenda or else!

Josh Gelernter opens his recent discussion of this tyrannical gambit this way:

“Four hundred years ago this week, the Inquisition met in Rome to discuss Galileo’s support for the Copernican model of the cosmos, which placed the Sun at the center of the solar system. After five days of deliberation, a commission of inquisitors ruled that heliocentrism was ‘foolish and absurd in philosophy, and formally heretical since it explicitly contradicts in many places the sense of the Holy Scripture.’ Not a good moment for the Church. Two days later, Galileo was summoned to the Vatican and ordered ‘to abstain completely from teaching or defending this doctrine and opinion or from discussing it . . . to abandon it completely . . . and henceforth not to hold, teach, or defend it in any way whatever, either orally or in writing.’“

To underscore the hypocrisy of these threats of prosecution, David French observes that there are many other instances in which the public has been misled while the presumed climate mavens profited from the hysteria. Could these opportunistic ploys also be subject to prosecution?:

  • Al Gore insisted ten years ago that by now we’d suffer a “climate doomsday” if we failed to take the measures he advocated;
  • Perhaps ABC/Walt Disney has profited from its breathless warnings that “in 2015 milk would cost almost $13 a gallon, gas would be more than $9 a gallon, ‘flames [would] cover hundreds of square miles,’ one billion people would be malnourished, and Manhattan would be flooding — all because of climate change.“
  • The Chairman of the United Nations Intergovernmental Panel on Climate Change (IPCC) said, “If there’s no action before 2012, that’s too late….” And as French says: “The IPCC has received tens of millions of dollars while hyping the threat of global warming.“

French’s suggestions are not entirely tongue-in-cheek. These suggestions are no more outlandish than threats to prosecute anyone else over a legitimate dispute in scientific debate.

The AGW community suffers from a weak understanding of the philosophy of science, a dishonest presentation of the facts, and a tyrannical streak that should can only be tamed by stripping them of power. First, however, the voting public must wise up to the danger to our economic well being and our freedom posed by these fascist activists.

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