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Government Deficits and The Deindustrialization of America

Author

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  • McKinnon Ronald I

    (Stanford University)

Abstract

Government deficits are accelerating deindustrialization in the United States. Should we care? Absolutely. One reason is that manufacturing and associated learning-by-doing are powerful sources of external benefits that accelerate economy-wide productivity growth. A second is that the loss of manufacturing jobs is a powerful source of anger against free trade. The U.S. federal government needs to run surpluses to eliminate the savings deficiency of the American economy.

Suggested Citation

  • McKinnon Ronald I, 2004. "Government Deficits and The Deindustrialization of America," The Economists' Voice, De Gruyter, vol. 1(3), pages 1-8, December.
    • Handle: RePEc:bpj:evoice:v:1:y:2004:i:3:n:1
    DOI: 10.2202/1553-3832.1029
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    Cited by:

    1. Nouriel Roubini, 2006. "The BW 2 regime: an unstable disequilibrium bound to unravel," International Economics and Economic Policy, Springer, vol. 3(3), pages 303-332, December.

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