Not Third World Yet

by Don Boudreaux on April 11, 2006

in Trade

Several weeks ago I reported on some evidence that the hysterical accusations made by the likes of Paul Craig Roberts and Lou Dobbs — accusations that trade with foreigners dooms America to third-world status — is, well, hysterical — magnificently mistaken — fundamentally wrong.

Here’s yet more evidence, reported in today’s Christian Science Monitor.  Here are the opening paragraphs:

The US economy isn’t just producing jobs these days, it’s also producing good jobs. Alongside the ads for jobs handling a cash register or a spatula are these new opportunities:

• In St. Louis, AFB International is enlisting both technicians,
paid $30,000 to $40,000, and PhD scientists, offered $80,000 to
$100,000, in its quest for the perfect pet food.

• In Delaware, Honeywell plans to hire people at $40,000 to $100,000 to work in a data-storage center.

• In southern California, some of the latest openings involve
working on the railroad, for $35,000 to $70,000 a year. Union Pacific
plans to add 2,000 employees altogether.

 These reports in the past month symbolize a welcome trend during an
economic expansion that at first offered only tepid job gains, both in
quantity and quality.

These data will surprise no one possessing even a rudimentary understanding of the principle of comparative advantage.

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  • RWP, ross:


    Don't despair, there are lots of jobs in the St. Louis area right now. True, companies don't usually hire students into permanent positions (at least not ones that they can keep people in for the long haul), it's too expensive to train them up just to see them leave - but there are opportunities.


    As economics students you have surely acquired skills that transfer well to positions requiring any sort of qualitative or quantitative analysis. Just as researchers can find jobs outside of research labs, economists can find jobs outside of the Fed and the financial services industry. When you look through Monster or Careerbuilder, spend some time entering skills you have as keywords, rather than looking for specific positions. It's the skills that really matter, not the name of the degree - and (believe it or not) many employers are able to see that.


    I recommend contacting companies in industries that look interesting to see if they have internship opportunities. The pay may not be much, but it'll probably be enough to get by, and you'll be increasing your human capital in relevant areas. When the unemployment rate is low and it's hard to find obviously qualified people, employers are especially keen to try out a few prospects on the cheap.


    If you find industries or positions that look interesting, you're in a great position to flesh out the skills needed to get into them after graduation.


    Good luck,

    Morgan


    St. Louis, MO

  • ross

    i too would love a job this summer in st. louis. anyone have openings for an econ student that does not involve retail?

  • What exactly is an anecdote about some company in St. Louis hiring a few people for $30,000/year--which is BELOW the mean income--supposed to prove?

  • RWP

    Can anyone find me a job in Saint Louis for an Econ undergrad for the summer? Cuz I don't particularly want to do sales which seem to be the only thing on monster.com.

  • John Pertz

    Aaron Krowne said:

    "Huh? A handful of high-paying jobs proves that the economy is healthy?


    I want to know why 30%+ of people in soup kitchens are working--jobs that apparently can't feed them and their families.


    I want to know why so many of my highly-qualified friends are out of work or losing their jobs, or under-employed.


    The Christian Science Monitor seems out of touch."




    This post is absolutely devoid of any real merrit and even if it were true in a tangible sense I must ask what is your solution to problem? Certainly it isnt to alocate ever more scarce capital through a public sector that has proven to be as widely corrupt an inefficient as any in the industrialized world. Until any of the paleocons or socialists can say anything beyond "this economy stinks because I saw five guys in a soup kitchen", it becomes very hard to take you seriously.

  • Sean Woods

    What is not seen?


    At least it isn't 20%, or 10%, or 0% of people in soup kitchens working. (Also, I would like to see the source on this.)


    Also, a handful of your "highly qualified" - whatever that means - friends proves the whole economy is NOT healthy? Huh? Highly qualified according to whom? Are there other "highly qualified" people who are also looking for jobs? Are there people who are more qualified, who could perhaps be "super-highly-qualified."


    I don't get it. Fill me in.

  • Huh? A handful of high-paying jobs proves that the economy is healthy?


    I want to know why 30%+ of people in soup kitchens are working--jobs that apparently can't feed them and their families.


    I want to know why so many of my highly-qualified friends are out of work or losing their jobs, or under-employed.


    The Christian Science Monitor seems out of touch.

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