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Thursday, February 26, 2004

OpinionJournal - Featured Article
Today's Feature Article over at is filled with common sense, sound thinking, and a good proscription for trade policy. My favorite quote:

As Adam Smith wrote, rather than relying on the benevolence of the baker to provide us our bread, we trust to his self-interest; the transaction benefits both parties. So it also is with trade, but the mistaken idea that selling is more virtuous than buying when the exchange is with foreigners continues to have mass appeal.

That is to true. I often hear of the perils of the "trade deficit", and I think "How can there be a trade deficit? We are getting back more than we send out. That's a surplus." In other words, why is sending money overseas in return for something worth more to us than the money was worth a bad thing?

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