by Summary:
George Shultz and Martin Feldstein, in the Washington PostIf a country consumes more than it produces, it must import more than it exports. That’s not a rip-off; that’s arithmetic. If we manage to negotiate a reduction in the Chinese trade surplus with the United States, we will have an increased trade deficit with some other country. Federal ...
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John H. Cochrane considers the following as important: Commentary, economists, Stimulus, Taxes, Trade
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George Shultz and Martin Feldstein, in the Washington PostGeorge Shultz and Martin Feldstein, in the Washington PostIf a country consumes more than it produces, it must import more than it exports. That’s not a rip-off; that’s arithmetic. If we manage to negotiate a reduction in the Chinese trade surplus with the United States, we will have an increased trade deficit with some other country. Federal ...
Topics:
John H. Cochrane considers the following as important: Commentary, economists, Stimulus, Taxes, Trade
This could be interesting, too:
Jeffrey Frankel writes Protectionism is Nothing New for Republicans
John H. Cochrane writes Different Planets
John H. Cochrane writes Cross-subsidies
Scott Sumner writes The loudest apologists for global neoliberalism
If a country consumes more than it produces, it must import more than it exports. That’s not a rip-off; that’s arithmetic.
If we manage to negotiate a reduction in the Chinese trade surplus with the United States, we will have an increased trade deficit with some other country.
Federal deficit spending, a massive and continuing act of dissaving, is the culprit. Control that spending and you will control trade deficits.That's not an excerpt, it's the whole thing. Someday, I will learn to be this concise.