“As with most subject, it is ignorance which spawns fear. Too many do not understand the laws of economics, so they fear them instead. What makes prices go up and down is a mystery to them, so it’s treated like voodoo.”
What drivel. I well understand “the laws of economics” except I think most would call them principles and theories. They’re hardly laws. You might consider the possibility that more Americans are becoming aware that we don’t have free trade, that particularly Asian nations intentionally keep their markets mostly closed while taking full advantage of the more open US markets. It’s been so for decades and they have no intention of changing. Many call it the “Asian model” for growth, and most nations follow it, which explains our ever expanding trade deficit.
But this entire so-called free trade based mostly on notions of comparative advantage assumes that the only value to be considered is the lowest production cost. Maybe that’s your only value, but not for a majority of Americans.
And we don’t have free trade with these agreements which require thousands of pages of description. Many industries are still protected in the US and Europe and most are still protected in other parts of the world.
Well, this explains your arguments. Laws are laws whether you want them to be or not. Sowell does an admirable job of relating how many countries have tried, as you do, to pretend that the laws of economics can be disregarded. In every case, that attempt has failed. Laws are like that.
You might consider the possibility that more Americans are becoming aware that we don’t have free trade, that particularly Asian nations intentionally keep their markets mostly closed while taking full advantage of the more open US markets. It’s been so for decades and they have no intention of changing. Many call it the “Asian model” for growth, and most nations follow it, which explains our ever expanding trade deficit.
Are we somehow forced to trade with Asian nations? If not, why, exactly, is it harmful to trade with them voluntarily?
Also, go back to my analogy of my local grocery store. It is a "closed market" with respect to my outputs. In other words, my grocery store doesn't buy anything from me. Nothing at all. Should I be upset? I have a 100% negative "trade deficit" with my grocery store.
But this entire so-called free trade based mostly on notions of comparative advantage assumes that the only value to be considered is the lowest production cost. Maybe that’s your only value, but not for a majority of Americans.
No. Free trade is based on the "notion" that people should be free to buy and sell with whomever they choose, and for what ever reason they choose. If a consumer wants to buy higher priced, higher quality goods, then he is free to do so. If a consumer wants a lower price, and feels that the quality at that price is acceptable, then he is free to buy at that lower price.
Why is that a bad thing?
Why do you want to be able to decide for me what reasons I should use in my decisions to buy and sell?
And we don’t have free trade with these agreements which require thousands of pages of description. Many industries are still protected in the US and Europe and most are still protected in other parts of the world.
OK. It sounds like you'd like to see an increase of free trade. Is that right?