Trade matters

There are economists who praise but by questioning the fundamental fallacies with one’s analysis. But here is two economists too born in India do nothing in questioning the Paul Krugman’s trade analysis.

Arvind Panagariya says that “Countries gain from trade not only because larger market allows them to better exploit scale economies, but also because consumers can access a larger variety of products. And even identical economies can gain from trade through scale economies and a larger variety of products”.

Arvind Subramanian writes that “the Nobel prize may well secure a lasting legacy” but fails to understand that the road to Krugman Nobel is socialism!

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