Libanius, a 4th century (non-Christian) Greek, saw God's hand in trade: God did not bestow all products upon all parts of the earth, but distributed His gifts over different regions, to the end that men might cultivate a social relationship because one would have need of the help of another, and so He called commerce … Continue reading Libanius on Trade
Conservatives and taxpayer groups are ready to fight the $1 trillion farm bill when it comes up for a vote in the new Congress. Agricultural subsidies, price supports, and tariffs in developed countries (the U.S., Japan, and the European Union especially) not only harm consumers at home by hitting them with higher prices, but cause … Continue reading For an Anti-Farm Bill League (update)
Matthew Slaughter and Robert Lawrence have an interesting little proposal in the NY Times: abolishing Trade Adjustment Assistance (TAA), rolling it into unemployment insurance, and reforming the program so as to reduce its work disincentives. They also advocate special tax treatment for unemployed workers' expenditures on job retraining. They sell the plan, which they say … Continue reading Reforming Trade Adjustment and Unemployment Assistance
Next time you see someone claiming that "the U.S. just doesn't make anything anymore," show him this graph. Source.