LexisNexis Home Sources How Do I? Site Map What's New Help Search Terms: winners and losers Edit search Previous Document 98 of Document List Expanded List KWIC FUll 125. nextN Copyright 2004 The Conde Nast Publications, Inc NEW YORKER NEW/YORKER. COM The New yorker August 2, 2004 SECTION: FACT: Annals Of Economics: Pg. 26 LENGTH: 4275 words HEADLINE: WINNERS AND LOSERS The truth about free trade BYLINE: JOHN CASSIDY BODY N. Gregory Mankiw, the chairman of the White House Council of Economic Advisers, is a tall, mild- mannered Harvard scholar, widely admired within his profession for his sharp mind and clear exposition He joined the Bush Administration last year, replacing Glenn Hubbard, who returned to Columbia fine. However, in February, Mankiw found himself in the headlines after he described outsourcing-the ?? University, and during his first nine months in Washington he attracted little attention, which suited hi shifting abroad of previously secure jobs, such as accounting and computer programming-as"the latest manifestation of the gains from trade that economists have talked about at least since Adam Smith. As Mankiw put it, Outsourcing is just a new way of doing international trade.... More things are tradable than were tradable in the past and that' s a good thing The response to these statements was immediate and bipartisan. Senator John Kerry, the Presidential candidate-elect, accused the White House of wishing to export more of our jobs overseas. Tom Daschle he Senate Democratic leader claimed that President Bush and his advisers subscribed to "Alice-in- Wonderland economics. On the Republican side, Dennis Hastert, the Speaker of the House of Representatives, said Mankiw's "theory fails a basic test of economics,and Donald Manzullo, a congressman from Illinois, called for his resignation. Even the President seemed to disown Mankiw's words. There are people looking for work because jobs have gone overseas,"he said We need to act to make sure there are more jobs at home. Shortly after receiving this public upbraiding, a chastened Mankiw spoke at a conference of economists, in Washington. He said that he had learned a valuable lesson: "Economists and non-economists speak very different languages. The two languages share many words in common, but they are often interpreted in different ways. Mankiw had a point. Put two economists in a room together and plain English is usually he first casualty. And yet the outcry his statements provoked cannot be dismissed as a linguistic misunderstanding. Although the number of people employed has picked up in recent months, the economy is still creating far fewer jobs than it did during previous cyclical upswings. According to theCopyright 2004 The Conde Nast Publications, Inc. The New Yorker August 2, 2004 SECTION: FACT; Annals Of Economics; Pg. 26 LENGTH: 4275 words HEADLINE: WINNERS AND LOSERS; The truth about free trade. BYLINE: JOHN CASSIDY BODY: N. Gregory Mankiw, the chairman of the White House Council of Economic Advisers, is a tall, mild￾mannered Harvard scholar, widely admired within his profession for his sharp mind and clear exposition. He joined the Bush Administration last year, replacing Glenn Hubbard, who returned to Columbia University, and during his first nine months in Washington he attracted little attention, which suited him fine. However, in February, Mankiw found himself in the headlines after he described outsourcing-the shifting abroad of previously secure jobs, such as accounting and computer programming-as "the latest manifestation of the gains from trade that economists have talked about at least since Adam Smith." As Mankiw put it, "Outsourcing is just a new way of doing international trade. . . . More things are tradable than were tradable in the past and that's a good thing." The response to these statements was immediate and bipartisan. Senator John Kerry, the Presidential candidate-elect, accused the White House of wishing "to export more of our jobs overseas." Tom Daschle, the Senate Democratic leader, claimed that President Bush and his advisers subscribed to "Alice-in￾Wonderland economics." On the Republican side, Dennis Hastert, the Speaker of the House of Representatives, said Mankiw's "theory fails a basic test of economics," and Donald Manzullo, a congressman from Illinois, called for his resignation. Even the President seemed to disown Mankiw's words. "There are people looking for work because jobs have gone overseas," he said. "We need to act to make sure there are more jobs at home." Shortly after receiving this public upbraiding, a chastened Mankiw spoke at a conference of economists, in Washington. He said that he had learned a valuable lesson: "Economists and non-economists speak very different languages. The two languages share many words in common, but they are often interpreted in different ways." Mankiw had a point. Put two economists in a room together and plain English is usually the first casualty. And yet the outcry his statements provoked cannot be dismissed as a linguistic misunderstanding. Although the number of people employed has picked up in recent months, the economy is still creating far fewer jobs than it did during previous cyclical upswings. According to the Home Sources How Do I? Site Map What's New Help Search Terms: "winners and losers" Edit Search Document 98 of 125