Dani Rodrik: Keynote address at Festival of Economics 2016

Economists' "zeal to defend trade from its enemies has backfired"- tonight's #economicsfest speaker @rodrikdani  https://www.project-syndicate.org/commentary/trump-win-economists-responsible-by-dani-rodrik-2016-11 …

Economics can be a powerful tool to improve the world but it needs to get context right, @rodrikdani #economicsfest:  http://www.ideasfestival.co.uk/events/keynote-address-dani-rodrik/ …

Packed room for @rodrikdani talk at @FestivalofIdeas #economicsfest

Looking forward to @rodrikdani at the #economicsfest, will every talk start with a joke about trump?

Rodrick: Loss of US manufacturing jobs is long-term trend due to changing tech, not effect of trade agreements/China exports. #economicsfest

Now @ChrisGiles_ bigging up @rodrikdani 's prescience about who bears the costs of trade #economicsfest

Rodrick: trade liberalisation has a political cost. More intern'l trade, more inequality, hence more redistribution necessary #economicsfest

more globalization needs more welfare state not less @rodrikdani #economicsfest  https://twitter.com/economics_net/status/799323454084411392 …

External trade shocks usu smaller than domestic ones but are less legitimate because rules are different, says @rodrikdani #economicsfest

Welcome to Bristol to our #economicsfest director Diane Coyle (@DianeCoyle1859). Once again a magnificent programme. Thank you.  https://twitter.com/dianecoyle1859/status/799322165871054848 …

The redistributive impact of trade is more nuanced than we usually say, but so are the perceived negatives derived from it #economicsfest

Rodrick: economists zealously guard the theory of gains from trade. Reaction to challenge emphasised gains, underplayed costs #economicsfest

Economists' zeal to defend trade from its enemies has backfired, @rodrikdani @ProSyn, #economicsfest:  https://www.project-syndicate.org/commentary/trump-win-economists-responsible-by-dani-rodrik-2016-11 …

Rodrick: economic predictions of Brexit were plausible but had false precision: 4 sig fig numbers with unstated error. #economicsfest

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

Rodrick trilemma: hyperglobalisation, democracy, national sovereignty: we can have any *two*. UK hasn't chosen which we want. #economicsfest

Economists overstated their case, were too certain, and have lost credibility, says @rodrikdani of the post-expert world #economicsfest

The West needs to realise that traditional manufacturing isn't coming back. It's time to broaden our view of 'industry' #economicsfest

Best Brexit point made: the biggest loss of Brexit is the excuses used by UK to excuse policy choices #economicsfest

Economic pluralism means using what works for the story you're telling, not that there are "many economics" #economicsfest

Asked about pluralism in economics teaching, Rodrick: there is one economics, but it includes many different models. #economicsfest

There is only one economics in terms of methodology. But that one consists of many models, says @rodrikdani #economicsfest

The power of economic models: no policy outcome is excluded, the difficulty is plausibility #economicsfest

Rodrick: mainstream economics can imply *any* policy recommendation, depending on what assumptions you put into the models. #economicsfest

Rodrick: The answer to any question of economic prediction should begin "It depends..." #economicsfest

Great question at #economicsfest - is your comparative advantage now your destiny forever ?

Opportunity costs are dynamic, industry and trade shifts. No country is 'stuck' #economicsfest

Institutional comparative advantage isn't always beneficial; growth-hindering institutions aren't comparatively an advantage #economicsfest

We can support comparative advantage and institutional reform; not mutually exclusive, they're mutually interactive #economicsfest

Some sources of comparative advantage can and should be changed by policy, says @rodrikdani #economicsfest

Prescient warnings about downsides of #globalisation, @rodrikdani profiled in @IMFNews magazine, #economicsfest:  http://www.imf.org/external/pubs/ft/fandd/2016/06/pdf/people.pdf …

Discussion: comparative advantage can be shaped by poverty, human rights recognition/suppression & other social differences. #economicsfest

Same quotation just cited here at #economicsfest by @rodrikdani !  https://twitter.com/tseinfo/status/799320259417272320 …

Discussion: the opportunities for an individual can be shaped by gender, skin colour & other discrimination/ unfair factors. #economicsfest

Joan Robinson who first made this point would feel vindicated - we're all Robinsonian now #economicsfest  https://twitter.com/DianeCoyle1859/status/799334660929126400 …