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Several weeks ago I reported [2] on some evidence that the hysterical accusations made by the likes of Paul Craig Roberts [3] and Lou Dobbs [4] — accusations that trade with foreigners dooms America to third-world status — is, well, hysterical — magnificently mistaken — fundamentally wrong.
Here’s yet more evidence [5], reported in today’s Christian Science Monitor. Here are the opening paragraphs:
The US economy isn’t just producing jobs these days, it’s also producing good jobs. Alongside the ads for jobs handling a cash register or a spatula are these new opportunities:
• In St. Louis, AFB International is enlisting both technicians,
paid $30,000 to $40,000, and PhD scientists, offered $80,000 to
$100,000, in its quest for the perfect pet food.
• In Delaware, Honeywell plans to hire people at $40,000 to $100,000 to work in a data-storage center.
• In southern California, some of the latest openings involve
working on the railroad, for $35,000 to $70,000 a year. Union Pacific
plans to add 2,000 employees altogether.
These reports in the past month symbolize a welcome trend during an
economic expansion that at first offered only tepid job gains, both in
quantity and quality.
These data will surprise no one possessing even a rudimentary understanding of the principle of comparative advantage [6].