The Theory of Comparative Advantage

The International Economics Study Center ^ | Unknown | Steven Suranovic

[CobaltBlue]

The Great Depression, which was a world-wide event, was multi-factorial in causation. It's a very great mistake to focus only on one cause.

One problem with tariffs that you may not realize is that foreigners needed American money in order to pay off loans of money borrowed from Americans, but were unable to get American money because they were unable to sell goods and services in America. This caused them to default on their loans, which was bad for the Americans who loaned them the money. Tariffs enrich one segment of society at the expense of others.

Think of it as raising taxes during a recession. That's just plain dumb, we all know that the best thing to do in a recession is cut taxes.

[CobaltBlue]

BTW, gross income from exports was closer to 6% of US GDP in 1929, and gross income from imports was closer to 5%. When you net them out, the net is less than 1%, but netting them out I think is misleading in terms of economic value to the economy as a whole.

GDP only measures expenditures. It can't measure value added.

[ninenot]

Well, I thought you might have been intelligent--before your name-calling and derogations commenced.

Another set of expectations vanished--poof!

[CobaltBlue]

Calling you a paycheck kind of guy isn't intended to be an insult, it's meant to be an observation.

Entrepreneurial types are born, not made. It's a calling, probably not unlike being called to be a priest, or to be a writer, among things that just come to mind off the top of my head.

Most people want to put in their hours, then relax and enjoy their free time. Nothing wrong with being normal or average.

[Toddsterpatriot]

I get the distinct impression that they don't really care what the per capita GDP of China and India are, they're xenophobic towards India and scared to death of China, so they think it's safer if these countries remain impoverished.

I think you're right. Would they be worried if it was Switzerland that was running the trade surplus with us? Probably not.

No doubt, China is dangerous. We may come to regret their rapid growth, or it may contribute to the fall of their Communist masters.

Would a democratic China be as scary? Probably not.

Like the old Chinese curse, "May you live in interesting times"

[dennisw]

You are debating a baboon who has learned how to recite the free trade mantras

[LowCountryJoe]

http://www.freerepublic.com/focus/f-news/1094549/posts?page=291#291

http://www.freerepublic.com/focus/f-news/1094370/posts?page=35#35

http://www.freerepublic.com/focus/f-news/1090983/posts?page=71#71

http://www.freerepublic.com/focus/f-news/1091869/posts?page=36#36

[Willie Green]

What's the matter, Joe?
Too html illiterate to post an actual link?
Or are you simply too lazy?

[LowCountryJoe]

What's the matter, Joe?

Too html illiterate to post an actual link?

Or are you simply too lazy?

Both! Since I haven't logged as many posts as you have, I have not memorized the commands to do it. I have to reference a separate web-page in order to do it. This time I was too lazy. It's not like you're going to read the posts anyway...I've noticed that you tend to avoid an article's content even though you'll religiously post on its stinkin' thread.