Some of the commentators who have been making apocalyptic economic predictions based on the existence of “outsourcing” of “American” jobs have invoked the work of economist William Baumol (a likely future Nobel Prize winner) to make their case. Baumol’s research is always highly mathematical and not acessable to the general public. But he is also the author of an introductory, college-level textbook (with Alan S. Blinder), and in it the authors are not as worried about “outsourcing” as our chicken little punditry implies that they are. Here’s what they say on page 436 of Microeconomics: Principles and Policy (10th edition): … Continue reading Outsourcing Chicken Littles?