Wow.
A single sentence.
Awesome.
The article is a call for economic autarky and heavy tariffs. It ignores the benefits of international competition in order to promote internally-directed investment. There are good points to both sides. US workers will not compete with Chinese ones given the wage differentials, but US companies will not compete with other US companies to make better or innovative products.
He also ignores monetary policies, such as government debt, floating currencies, and government-directed investments.
A $500 iPad vs a $1000 and non-existent Zenith touch screen? A Toyota or a Vega? US or CHinese rare earth metals?
I’m new to posting on FR. Did the link to the article not appear? I’ll try to post the detailed theoretical model tomorrow and see if I can hold my own against the critiques. It’s time for a new debate.