...what about the practice?
While the flow of jobs overseas may seem to be an unlimited flood, this is largely the result of copycat journalism and a ‘good news is no news’ effect.
Although it is easy to see that low overseas wage levels are potentially attractive to employers, it is not as easy to see the forces that tend to restrict such an export of jobs.
It is even harder to judge just how many of the jobs that are actually exported would have soon otherwise disappeared anyway as their employers succumbed to financial and/or competitive stress.
Posted from Paul Craig Roberts:
Via Truck and Barter, the American Society of Magazine Editors reports a bear market for magazines, with many having gone belly up since 2001—the first major down trend since 1988. In the category of “economics,” the number in print magazines declined from 93 to 43 between 1999 and 2003.
John Embry, quoted in the Toronto Star, on the current monetary environment:
Richard Benson provides some advice to foreign governments faced with the choice of allowing their currency to rise against the dollar or importing our inflation:
