Frayed in the U.S.A.
THE SOURCE: “What Export-Oriented America Means” by Tyler Cowen, in The American Interest, May–June 2012.
To those who fret about America’s economic future, have no fear: “Export success will resurrect the United States as a dominant global economic power,” declares Tyler Cowen, an economist at George Mason University (and a member of the WQ board of editorial advisers). The downside is that an export-led rebound will not improve the incomes of most Americans.
After wavering in the age of outsourcing, U.S. exports are now growing at a clip of 16 percent per year. Cowen is sanguine that the momentum won’t fade. The growing use of artificial intelligence and computing power...