{"id":180445,"date":"2017-04-17T20:41:00","date_gmt":"2017-04-18T01:41:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2017\/04\/17\/quote-of-the-day-64\/"},"modified":"2017-04-17T20:41:00","modified_gmt":"2017-04-18T01:41:00","slug":"quote-of-the-day-64","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2017\/04\/17\/quote-of-the-day-64\/","title":{"rendered":"Quote of the Day"},"content":{"rendered":"<blockquote><p><span style=\"color: blue;\">The politics of compensation is always subject to a problem that economists call \u201ctime inconsistency.\u201d Before a new policy \u2013 say, a trade agreement \u2013 is adopted, beneficiaries have an incentive to promise compensation. Once the policy is in place, they have little interest in following through, either because reversal is costly all around or because the underlying balance of power shifts toward them.<\/span><\/p>\n<blockquote><p><span style=\"color: blue;\">\u2014<a href=\"https:\/\/www.project-syndicate.org\/commentary\/free-trade-losers-compensation-too-late-by-dani-rodrik-2017-04\">Dani Rodrik<\/a><\/span><\/p><\/blockquote>\n<\/blockquote>\n<p>It is a point that I have made <b><span style=\"font-size: 100%; font-variant: small-caps;\">many<\/span><\/b> times:  Promises to help people hurt by free trade deals are never fulfilled, because along with a loss of jobs and money, there is a loss of political power, and political losers almost never get the spoils.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The politics of compensation is always subject to a problem that economists call \u201ctime inconsistency.\u201d Before a new policy \u2013 say, a trade agreement \u2013 is adopted, beneficiaries have an incentive to promise compensation. Once the policy is in place, they have little interest in following through, either because reversal is costly all around or &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[364,394,387,417],"class_list":["post-180445","post","type-post","status-publish","format-standard","hentry","tag-evil","tag-foreign-relations","tag-hypocrisy","tag-international-commerce"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/180445"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=180445"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/180445\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=180445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=180445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=180445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}