Deficits and surpluses indicate the relationship between savings and investment and have nothing to do with trade policy, a Columbia University economist said Friday, criticizing the United States’ approach to resolve trade imbalance. At a symposium on multilateral trade and globalization at the United Nations headquarters, Jeffery Sachs said neither deficit nor surplus “has much, if anything, to do with trade policy.”
Economist Joseph Stiglitz was quoted in a piece for Xinhua News on how unilateral US tariffs against China undermine international trade.
Ask Nobel prize-winning economist Joseph Stiglitz for his thoughts on the Turnbull government’s arguments that cutting the company tax will lead to strong investment and higher wages, and he doesn’t mince words: “I don’t think there’s any validity in it.The Columbia University professor and former chief economist at the World Bank joins past recipients such as the activist movement Black Lives Matter, the journalist Naomi Klein, Prof Noam Chomsky, and the former Irish president, Mary Robinson.
“My Columbia University colleague Dr. James Hansen, for 30 years NASA’s leading climate scientist, warns us that even with warming well below 2-degree C, human-induced warming could lead to the disintegration of parts of the ice sheets of Antarctica and Greenland, causing the sea level to rise by as much as 6-9 meters.” Jeffrey D. Sachs is University Professor at Columbia University and director of the UN Sustainable Development Solutions Network.
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