Harvard Economist Robert Lawrence Asks for an Intro Econ Lesson on Macroeconomics and Trade

And here at Beat the Press we are happy to oblige, at no charge to Mr. Lawrence. Brad Plumer caught Robert Lawrence claiming that increased oil production in the United States will not reduce the size of the trade deficit.

According to Brad, Lawrence said that the trade deficit is determined by the balance of domestic savings and investment. He then quotes Lawrence:

"Unless you can tell me how the oil boom will change that pattern of savings and investment ... then it's not going to change th...