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The Trump administration has crafted a draft bill — ordered by the president — that would declare America's abandonment of World Trade Organization rules, according to Axios. The bill essentially provides President Donald Trump — who has argued for a better position for the U.S. in big trade pacts — a license to raise U.S. tariffs at will, without congressional consent and largely outside of the international rules governed by the WTO. The bill, titled the "United States Fair and Reciprocal Tariff Act," would give Trump unilateral power to ignore the two most basic principles of the WTO and negotiate one-on-one with any country.
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'FART' Bill Indicates Trump's Intention to Dump WTO
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Be cheerful while you are alive.
-- Phathotep, 24th Century B.C.
(Score: 3, Insightful) by Azuma Hazuki on Tuesday July 03 2018, @09:19PM (1 child)
Economics was never that much more rigorous than religion to begin with, mostly because, like most or all organized religion, it's based on false assumptions. The idea of the rational actor and the possibility of limitless growth, exponential or otherwise, are the two chief culprits here. The assumption that all economics is a zero-sum game or worse is a plausible third. All of these are effectively idols.
I am "that girl" your mother warned you about...
(Score: 4, Informative) by PartTimeZombie on Tuesday July 03 2018, @11:59PM
That's more or less what I came here to say.
I was somewhat shocked when a friend's son applied for an economics job in our national Reserve Bank and was not even given an interview, because his master's degree in economics was from the "wrong" university.
It turns out they only accept economics grads from one particular university, because they have learnt the "correct" things.
From what I understand there are various high priests in economics and there have been schisms over the years, so he was excommunicated.
Don't worry though. He works as a builder, and is doing very well for himself.