Norm Matloff in PRChina: Samuelson Is Wrong

Our pal Matloff (despised by US H1-B users) is traveling in Red China.  Norm's wife is native to that land, so Norm speaks the language.  He has some interesting insights.

An alert reader pointed me to this Bloomberg article on ageism in the Chinese tech sector. I’ve observed it myself, in the experience of a relative and her husband.

But the article incorrect in saying that the problem is even worse in China than in the U.S. Wrong! It’s just as bad in the U.S.; note that they even set 35 as the cutoff point (though some lower numbers are mentioned too), just like I do for the U.S. The U.S. firms are better at hiding it, that’s all.

One difference is that in the U.S. the primary motivation is cost savings, while in China it is a misguided notion that only young new graduates know the Latest and Greatest technologies. (U.S. companies make statements like that too, but it is mainly an excuse.)

Yup.  Norm just wants to piss off Microsoft, Intel, and Google (not to mention such places as Deluxe Data and Metavante right here in SE Wisconsin!!)

The one that's even more fun is this one:

Those of us who grew up with Samuelson’s ubiquitous economics textbook “learned” that trade between two nations benefits both. Unfortunately, everyone took it for granted that the “benefit,” an increase in GDP, accrues to all. Even Samuelson rather recanted on this toward the end of his life, but many of those who never went beyond his book are believers. They are then easy marks for those with vested interests in promoting the globalist philosophy.....

Yah, I had to study that text, too, under the Professorship of Les Aspin.  The book was wrong then,  but a helluvalotta people who are now senior management believed that bullshit.  But RoJo and his servant Jay Weber still think Samuelson's work was handed down from Mount Sinai.

So Norm quotes from an article:

...Take, for instance, Caterpillar. The United States’ 74th largest company has long been a symbol of domestic advanced manufacturing prowess, a firm that leverages American ingenuity to take capitalize on growth around the globe. Since announcing a big bet on the China market in 2010, Caterpillar’s stock has soared 178%. But that success hasn’t translated in to more American jobs, as the firm employs fewer Americans today than eight years ago, according to its latest annual report....

Surprise!!!   Except it is NOT a surprise to anyone who can add 2+2 and get 4.  (Maybe RoJo and Jay should take the hint, eh?)  It is also NOT a surprise to anyone who can see the large amount of  formerly-occupied manufacturing space in the greater Milwaukee area.

But Oh, Well.  The Chamber of Commerce is happy.