Walter Williams: Economics for the citizen [all of the Ten-Part Series]

jewishworldreview.com | Walter Williams

[inquest]

We exported just under $51 billion to Mexico in 1994. Almost $111 billion in 2004. That's my point. Even if the money doesn't "trickle down", it will still be spent.

OK, that's a proper point. Even if it remains in the hands of a few, those few will still spend it. Nonetheless, imports from Mexico went up by a faster amount than exports to Mexico. Even though I'm not saying that imports cause economic damage, the fact remains that those who do will consider any trade deal a bad deal if it causes imports to go up faster than exports.

If they can be led away from that view, then there'd be no need to entice them with bilateral agreements. If they can't, then attempting to do so won't help very much.

[Toddsterpatriot]

If they can be led away from that view, then there'd be no need to entice them with bilateral agreements. If they can't, then attempting to do so won't help very much.

True. Plus I get tired of trying to educate the dummies.

[inquest]

The job would be made easier by not insisting on bilateral agreements. It may seem easier at first to go that route, but ultimately it just ends up confusing the people. First they're told that there's nothing to fear from increased imports, then they're told that we're going to make the other guys lower their tariffs, so as to make up for the economic damage that we say won't result from increased imports. And then, because the increase in exports won't keep pace with the increase in (supposedly damaging) imports, they'll still come to the conclusion that there'd be net damage anyway. Can you blame them, when they get such mixed signals?

[whd23]

For some reason, I got a 404 on part 6. Here's a link that worked for me:

Part 6

[Toddsterpatriot]

Can you blame them, when they get such mixed signals?

I blame the public schools. Can't teach simple math let alone simple economics.

[inquest]

You don't think the push for bilateral deals is at least partly to blame for their confusion on the subject, as I described in the previous post?

[Toddsterpatriot]

Which came first, the ignorance or the push for bilaterals?

[inquest]

I don't know, but as with the similar question about chickens and eggs, it doesn't matter much, does it?