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Paul Samuelson Challenges Outsourcing

Posted by ryuzaki0 on from the they-took-our-jobs dept.

Noryungi writes "Paul A. Samuelson, Nobel Laureate in Economics, a professor at MIT challenges the outsourcing of jobs (retinal scan login required) to India and China. Choice quote: To put things in simplified terms, he explained in the interview, being able to purchase groceries 20 percent cheaper at Wal-Mart does not necessarily make up for the wage losses."

2 of 686 comments (clear)

  1. Intersenting fact/idea by zulux · · Score: 5, Interesting


    I was reading the english translation of a Japanese business plan (Orient Watch Compant), and the Japanese word for 'outsourcing' was translated into English as "Hollowing-out."

    It's an interesting viewpoint: The English word 'outsourcing' imploys that it's just a business transaction - while the Japanese translator used a phrase that has connotations of taking out the core of a business and discarding it.

    Perhaps - there's some truth in that idea.

    --

    Moneyed corporations, non-working 'poor' and criminal prisoners are turning productive citizens into tax-slaves.

  2. California agrees by MikeMacK · · Score: 5, Interesting
    being able to purchase groceries 20 percent cheaper at Wal-Mart does not necessarily make up for the wage losses.

    They've been saying this in California for awhile