One of the gravest economic mistakes that humans can make is to forget that ours is unavoidably a world of scarcity.
Free trade doesn’t just make us better off. It makes us better people. Donald Trump claims that raising barriers to trade is one of the things it will take to “Make America Great Again,” but he is wrong. Greatness—both of wealth and of moral character—comes from trade. And we have known this for a very […]
One of the most egregious misunderstandings about trade is that the government of country A should allow its people to trade freely with peoples of other countries only if governments of, and producers in, other countries “play by the rules” – which usually means “plays according to the rules that the rulers and politically powerful […]
Commerce brings out the best in human beings by providing incentives to care about others. Those who can’t rise above focusing on their short-term narrow needs have little ability to meet the needs of others.
In today’s globally connected world with dynamic global supply chains for raw materials and inputs, and global marketplaces for final sales, it’s an economic fact of the modern world economy that: a) exporters are importers and b) importers are exporters.
Trump’s base will be hurt the most by his wealth-destroying and punitive trade policy.