The economics of Trump and Clinton: comparing the policy positions of the candidates.

• Author: Gochnour, Natalie
• Position: Economic Insight

I stopped writing about the presidential election several months ago because I entered into a funk. But never mind that ... election day is nearly here and I feel compelled to share my thoughts about the economic policies of Donald Trump and Hillary Clinton.

Because of my funk, or what you might call nervous depression, I'm going to give a pass to several things that bother me. I'm putting my anxieties about Clinton's email server, Benghazi and Bernie Sanders-inspired liberalism on a shelf. I'll do the same with Trump's 3 a.m. Twitter tirades, lack of any prior experience in public office, and his offensive language toward women, Mexicans, veterans and really anybody he wants to lash his ugly tongue at. I'm looking purely at the efficacy of selected economic policies.

And just so you know where I'm coming from, I want to speak with candor about my economic world view. I believe market economies are the best way to organize an economy and create the greatest good for the greatest number of people. My assessment of the candidates' economic policies comes from an enthusiastic market orientation.

I also believe that sometimes government can improve market outcomes. The trick is to look for correct and careful ways to intervene to improve efficiency and equity. This is no easy task. Markets fail, but so do governments. Unfortunately, neither candidate hits the mark for me. Neither is market-oriented enough, nor careful enough in their proposed interventions.

Trade policy

Trade policy is a good example. Donald Trump clearly believes trade agreements (passed and pending) are damaging the United States. He wants to repeal NAFTA and improve pending trade deals such as the Trans Pacific Partnership (TPP), an agreement among 12 Pacific Rim nations, including the United States, but excluding China.

Hillary Clinton takes a more tempered approach, but she's jumped on the antitrade bandwagon by intensifying her opposition to the TPP.

The positions of both candidates leave me wanting. I believe globalization has done more to raise living standards in this country and the world than any other economic breakthrough. Open markets create economic winners and losers, but public policy can address these challenges. The solution is not to shut off trade, but rather to retool the U.S. workforce and to optimize the social safety net to help in this transition.

Immigration policy

When it comes to immigration policy, Clinton is the hands-down winner. Trump's policy...