Milton Friedman: "The Gain From Trade Is What We Import"
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Milton Friedman: "The Gain From Trade Is What We Import"
We're told exports are good and imports are something to worry about. But Milton Friedman asked a simple question: what do we actually get out of trade? Not the goods we send away — those are unavailable to us the moment they leave. The real benefit is everything that arrives: the products, the variety, the standard of living. “The proper ...
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