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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (17167)2/11/2004 3:32:41 PM
From: gpowellRead Replies (2) of 306849
 
Well said. I would make a distinction thought that even if we own an absolute advantage over another region in producing a particular good - it will be more efficient to give up producing that good in favor of a good that we produce even more efficiently. That is the operative condition in comparative advantage. We should specialize in those industries where we have greater efficiency – compared to other industries – not in comparison to any other country’s efficiency.

A decision to do otherwise necessarily lowers welfare and will result in fewer jobs. I find it ironic that those who seem to be advocating an increase in trade barriers in order to protect US jobs do not realize that those trade barriers will result in fewer jobs in the log run. We can all see the jobs lost to foreign competition, but it should be just as obvious that the number of jobs and choices have expanded through increased resource use efficiency. The evidence is everywhere and some simply chose not to see it.
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