Tyler Cowen tries to get us excited about TPP

Tyler Cowen, writing for Bloomberg, tries to make the case why we should be excited about TPP and linked to his column on his blog. I responded, making the points that the economic benefits to the U.S., depending on the study, range from zero to small and even those gains in GDP will likely be skewed toward the upper layers of the entertainment and pharmaceutical industries. It is hard to get excited by that.

My short response:

“A Peterson Institute estimate suggests global yearly gains from TPP of $295 billion, with $78 billion of that going to the U.S.”

I think Tyler could have mentioned that the $295 billion and $78 billion hypothetical gains to the world and to the U.S., respectively, would start from the year 2025 with much smaller amounts prior to then. Another estimate given about three years ago showed almost no gains for the U.S.

Paul Krugman was correct to say TPP isn’t really a trade deal.

According to those who have read the leaked version, 80% of the TPP agreement covers intellectual property. TPP seems to really be about trying to lock in outdated U.S. patent and copyright laws in as many countries as possible.

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