from: http://www.nationalreview.com/article/446749/peter-navarro-trump-china-adviser-bad-economics Kevin D. Williamson April 14, 2017 4:00 AM The president would do well to ignore his adviser’s advice on China... ...Professor Navarro of the University of California at Irvine has hanging on the wall of an office or a den somewhere a doctorate in economics from Harvard... ...He is President Donald Trump’s house China intellectual, the only one of his close advisers who is a credentialed academic economist, albeit one whose area of specialty is utility companies, not international trade. (Our most famous scholar of trade economics, Paul Krugman, apparently was not available... ...Navarro running for office four times as a Democrat... ...environmental concerns a prominent part... ...“Vice President and Nobel Laureate Al Gore has been transformed by an avalanche of scientific facts from a left-wing crazy to the planet’s most authoritative political voice on the subject,”... ...both are battier than Bruce Wayne’s basement. Professor Navarro, among other things, makes economics errors... ...because GDP is defined as the sum of consumption, investment, government spending, and net exports, eliminating our trade deficit with China would add substantially to GDP... ...There is no inverse relationship between imports and GDP, as Navarro asserts.” He calls Navarro’s appointment an “assault on the fundamental premise that public policy should be rooted in fact and reason.” Deficits in trade are married to surpluses in investment... ...any Chinese national with the wherewithal to invest outside of China is smart enough to know that doing so is prudent... ...Navarro is, as I understand it, an excellent scholar of utilities. He does not have any special competence on the subject of China, on the economics of trade, or on American trade policy. He is a crude and ridiculous propagandist — one with a federal portfolio and a place of honor in the Trump administration. * * * * * * * * * * * * * * * The clown either doesn't know what the definition of GDP is (from https://www.bea.gov/glossary/glossary_g.htm ): Gross domestic product (GDP). The market value of goods and services produced by labor and property in the United States, regardless of nationality; GDP replaced gross national product (GNP) as the primary measure of U.S. production in 1991. --or he doesn't know what 'production' is (from https://stats.oecd.org/glossary/detail.asp?ID=725 ) : OECD Glossary of Statistical Terms - Economic production Definition Economic production is an activity carried out under the control and responsibility of an institutional unit that uses inputs of labour, capital, and goods and services to produce outputs of goods or services. Source Publication: SNA 6.15. He somehow thinks that if the U.S. created $20T worth of good's and services, that allowing free Americans to buy imported coffee and chocolate would some how make all those cars and toaster magically disappear.
