Yes. 
Posted on 01/16/2008 4:01:09 AM PST by LowCountryJoe
Rochester
IN the days before Tuesday’s Republican presidential primary in Michigan, Mitt Romney and John McCain battled over what the government owes to workers who lose their jobs because of the foreign competition unleashed by free trade. Their rhetoric differed — Mr. Romney said he would “fight for every single job,” while Mr. McCain said some jobs “are not coming back” — but their proposed policies were remarkably similar: educate and retrain the workers for new jobs.
All economists know that when American jobs are outsourced, Americans as a group are net winners. What we lose through lower wages is more than offset by what we gain through lower prices. In other words, the winners can more than afford to compensate the losers. Does that mean they ought to? Does it create a moral mandate for the taxpayer-subsidized retraining programs proposed by Mr. McCain and Mr. Romney?
Um, no. Even if you’ve just lost your job, there’s something fundamentally churlish about blaming the very phenomenon that’s elevated you above the subsistence level since the day you were born. If the world owes you compensation for enduring the downside of trade, what do you owe the world for enjoying the upside?
[Snip]
One way to think about that is to ask what your moral instincts tell you in analogous situations. Suppose, after years of buying shampoo at your local pharmacy, you discover you can order the same shampoo for less money on the Web. Do you have an obligation to compensate your pharmacist? If you move to a cheaper apartment, should you compensate your landlord? When you eat at McDonald’s, should you compensate the owners of the diner next door? Public policy should not be designed to advance moral instincts that we all reject every day of our lives.
(Excerpt) Read more at nytimes.com ...
Because, unlike you, I actually understand economics and realize that protectionism as an economic policy is disastrous for a nations economy. I actually enjoy seeing American wealth increasing, standard of living increasing and other benefits that have resulted from more free trade policies.
Have you thought that far?
You keep saying this yet have not offered actual evidence, just "the sky is falling" rhetoric.
Where is your evidence of this economic dumping? Can you actually show that a company is selling items below their cost of production?
That's how you get people here arguing that the Chinese are gaining an insurmountable strategic advantage in plastic lawn furniture.
Crap. You either create wealth or you spend it. When you spend it in another market you transfer wealth. Do that too long and you'll end up like Spain.
"All economists know" - kinda like "All scientists say global warming is a done deal..."
"And you think our capital account surplus doesn't?"
Definition of Capital Account: The net result of public and private international investment flowing in and out of a country. Capital accounts are investments overseas. This is not trade.
If I buy an imported car, are you claiming the money is wealth but the car isn't?
Excellent! You're learning.
This is not trade.
Two in a row!
“No problem
Summary National Income and Product Accounts
Look at Account 5 and Account 7”
Do you know the difference between investments and trade? This link is all about investments, not trade.
Sure do.
This link is all about investments, not trade.
Wrong, that link is about National Income and Product Accounts. Sorry about your lack of comprehension.
“You really have never actually spent the time to study economics, have you?”
I have a minor in economics and accounting and nearly a masters in business.
“Your basis that having a large quantity of exports and little to no imports was one of the foundations of the mercantilist system, which was disproved over two hundred years ago by early economists Adam Smith and David Ricardo.”
I don’t buy into the mercantile ideas. More exports does not send production anywhere. It sends the products that were produced elsewhere and send a value back to the producer (money).
Merchantile is another name for merchants. Merchants want to sell whatever they can to whoever they can. They want a balance of trade because that is what enriches them the most.
And you didn't know what a capital account surplus was? LOL!
“And you didn’t know what a capital account surplus was? LOL!”
I defined it. Do you disagree with the definition?
It is still an issue having to do with investments, not trade. Do you know the difference? What are your qualifications? Do you have any? You seem to think investments is equal to trade. It is not.
No, it's a great definition. I'll repeat it.
Definition of Capital Account: The net result of public and private international investment flowing in and out of a country. Capital accounts are investments overseas.
Remember when you said the following: "Does nothing to bring money back into our economy after it is sent to other countries by imports. The only way to bring it back is by exports"?
You see, if foreigners invest their money here, that brings money back into our economy.
Maybe you should get a refund on those economics, accounting and business classes you slept through?
You should ask for a refund.
So you think money is the only source of a nations economic well being?
It has everything to do with the flip side of a so-called trade deficit...EVERYTHING!!!
Do you know the difference?
We do! Do you?
You seem to think investments is equal to trade. It is not.
That is not exactly the language that is being used by us. It is, however, a misinterpretation by you regarding what was said. You really have to read that link. Have you don't that yet?
Yes.
I said, "Research the foundation for our laws against domestic monopolies. Then ask yourself if they are a bar to international monopolies."
I would think that would be clear enough.
Do you know what a monopoly is and how it comes about? Can you adapt that knowledge to the dumping of cheap products made by alien economies on American buyers?
Surely you can.
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