Exports Good, Imports Bad?

Most people think that exports are good, and imports are bad. Exports create jobs, imports destroy them. Don Boudreaux, in one of his inimitable letters to the editor, quotes the economist Frank Knight on what this actually means:

“The man from Mars reading the typical pronouncements of our best financial writers or statesmen could hardly avoid the conclusion that a nation’s prosperity depends upon getting rid of the greatest possible amount of goods and avoiding the receipt of anything tangible in payment for them.”

Yes, people really do think that way. We call many of them politicians. Read Don’s entire letter here.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s