Scott Sumner reflects on the widespread failure to understand trade. A slice:
Most people view trade and automation as being radically different issues. Technological progress is viewed as good; trade is viewed with some suspicion. Economists see the two issues as being quite similar; creative destruction that improves overall welfare at a cost of painful dislocation for some workers and companies. Just imagine if Trump started railing against technological progress—even his supporters would be perplexed.
(I would summarize much of Scott’s important point this way: Most people do not understand that trade is simply one of the many forms of economic competition and manifestations of consumer sovereignty. And so unless those who oppose trade are willing to oppose all forms of economic competition and all manifestations of consumer sovereignty – for all forms of competition and all manifestations of consumer sovereignty destroy some jobs and businesses without employing all of the specific, displaced workers and resources – those who oppose trade reveal that they do not understand that which they oppose.)
Jeffrey Tucker nominates Thomas Carlyle as the founding father of fascism.
My colleague Alex Tabarrok explains how safety can kill.
