Dani Rodrik: Keynote address at Festival of Economics 2016

  1. Looking forward to @rodrikdani at the #economicsfest, will every talk start with a joke about trump?
  2. En minutos en esa mesa @rodrikdani hablando de economia, modelos y realidad. Auditorio repleto #economicsfest @FestivalofIdeas https://t.co/O8gWOC197A
    En minutos en esa mesa @rodrikdani hablando de economia, modelos y realidad. Auditorio repleto #economicsfest @FestivalofIdeas pic.twitter.com/O8gWOC197A
  3. Rodrick: Loss of US manufacturing jobs is long-term trend due to changing tech, not effect of trade agreements/China exports. #economicsfest
  4. Now @ChrisGiles_ bigging up @rodrikdani 's prescience about who bears the costs of trade #economicsfest
  5. Rodrick: trade liberalisation has a political cost. More intern'l trade, more inequality, hence more redistribution necessary #economicsfest
  6. External trade shocks usu smaller than domestic ones but are less legitimate because rules are different, says @rodrikdani #economicsfest
  7. The redistributive impact of trade is more nuanced than we usually say, but so are the perceived negatives derived from it #economicsfest
  8. Rodrick: economists zealously guard the theory of gains from trade. Reaction to challenge emphasised gains, underplayed costs #economicsfest
  9. Rodrick: economic predictions of Brexit were plausible but had false precision: 4 sig fig numbers with unstated error. #economicsfest
  10. We can ask why people weren't convinced by models, but it comes down to the fact US elxn and Brexit were facts vs feelings #economicsfest
  11. Rodrick trilemma: hyperglobalisation, democracy, national sovereignty: we can have any *two*. UK hasn't chosen which we want. #economicsfest
  12. Economists overstated their case, were too certain, and have lost credibility, says @rodrikdani of the post-expert world #economicsfest
  13. The West needs to realise that traditional manufacturing isn't coming back. It's time to broaden our view of 'industry' #economicsfest
  14. Best Brexit point made: the biggest loss of Brexit is the excuses used by UK to excuse policy choices #economicsfest
  15. Economic pluralism means using what works for the story you're telling, not that there are "many economics" #economicsfest
  16. Asked about pluralism in economics teaching, Rodrick: there is one economics, but it includes many different models. #economicsfest
  17. There is only one economics in terms of methodology. But that one consists of many models, says @rodrikdani #economicsfest
  18. The power of economic models: no policy outcome is excluded, the difficulty is plausibility #economicsfest
  19. Rodrick: mainstream economics can imply *any* policy recommendation, depending on what assumptions you put into the models. #economicsfest
  20. Rodrick: The answer to any question of economic prediction should begin "It depends..." #economicsfest
  21. Great question at #economicsfest - is your comparative advantage now your destiny forever ?
  22. Opportunity costs are dynamic, industry and trade shifts. No country is 'stuck' #economicsfest
  23. Institutional comparative advantage isn't always beneficial; growth-hindering institutions aren't comparatively an advantage #economicsfest
  24. We can support comparative advantage and institutional reform; not mutually exclusive, they're mutually interactive #economicsfest
  25. Some sources of comparative advantage can and should be changed by policy, says @rodrikdani #economicsfest
  26. Discussion: comparative advantage can be shaped by poverty, human rights recognition/suppression & other social differences. #economicsfest
  27. Discussion: the opportunities for an individual can be shaped by gender, skin colour & other discrimination/ unfair factors. #economicsfest