[OFB Cafe] lightening

[Fred A. Miller]

Peter Hollings wrote:
> Hi, Terence, no offense intended. Wish I could share your optimism about 
> the economy.  Take a look at http://www.lewrockwell.com/orig9/quinn5.html .
> 
> Comparative advantage is a useful concept when considering things like 
> resource costs, but aren't we really dealing here with labor cost 
> arbitrage? And what about the transitional costs that comparative 
> advantage ignores? Have the gains from cheap Chinese imports at Wallmart 
> exceeded the costs of lost jobs and have the winners compensated the 
> losers? It seems to me that if we cannot produce something that others 
> want to buy and if we continue to run a trade deficit then we will 
> ultimately have to sell off our hard assets to foreigners.

Quite.

Fred

-- 
Linux is an old Latin word meaning, "I don't have
to support your Windows anymore."