The Intellectual Basis of U.S. Trade Policy Trench Warfare
Information Technology and Innovation Foundation, 2015
20 Pages Posted: 9 Nov 2017
Date Written: January 26, 2015
At its core, trade policy is based in economics. And despite what many economists claim, economics is not a science. And, as with economics, intellectual approaches to the issue of trade differ substantially. These approaches reflect differences in economic doctrine among economists, policymakers and others. This paper postulates and describes three competing economic doctrines that shape the current U.S. trade debate: the predominant neoclassical doctrine (NC), the oppositional neo-Keynesian doctrine (NK), and the emerging innovation economics (IE) doctrine. The IE doctrine (IE) not only more accurately reflects the reality of the 21st century global innovation economy but offers the best opportunity for creating at least some actionable consensus on trade policy moving forward.
Keywords: trade policy, economic doctrine, neo-Keynesian, neoclassical, innovation economics
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