22 December 2008
Obama's Team of Rivals and Free Trade
Econ 101 presents the analysis of Smith, Riccardo et. al. which was as valid then as now. The markets, if left alone, allocate our resources better than governments do. Just because other governments interfere in their economies doesn't justify that we do, too. In that case, as we have found this year, we pay the fool's price, just as the others have done.
Obama's team of rivals would do best to devise ways to combat the short-term ill-effects of other countries' industrial policies while continuing to advocate free trade.
Econ 101 presents the analysis of Smith, Riccardo et. al. which was as valid then as now. The markets, if left alone, allocate our resources better than governments do. Just because other governments interfere in their economies doesn't justify that we do, too. In that case, as we have found this year, we pay the fool's price, just as the others have done.
Obama's team of rivals would do best to devise ways to combat the short-term ill-effects of other countries' industrial policies while continuing to advocate free trade.
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