Monday, May 18, 2009

Asia, law, international trade, and health care

Asian economies are supposed to be the first ones to recover. I suppose that's not a surprise--lesser developed countries tend to have a higher GDP growth level, so a global recession is less likely to keep their growth rates negative.

Economics is respected in law. James Kwak thinks maybe lawyers shouldn't stick so closely to economic principles, or at least they should recognize its shortcomings. I don't advocate as drastic a view as James Kwak puts forth, but I do think it's important for lawyers to understand the limitations of using the Hand formula and of traditional economic analysis.

Dani Rodrik thinks about which sorts of trade liberalization policies will have the greatest positive impact. He says that we should open agricultural trade and increase quotas for highly skilled foreign workers.

Apparently, we can pay for universal health care using sensible cost-cutting practices.

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