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Politics : Formerly About Advanced Micro Devices
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To: Elroy who wrote (315623)12/15/2006 7:57:48 PM
From: TimF  Read Replies (2) of 1575761
 
If Americans make $80k per year and UAE laborers make $5k per year, they gradually head toward each other.

1 - Not all goods and services are easily internationally tradable.

2 - For some goods or services that are tradable being close to the market can still be an advantage.

3 - You have to consider productivity. Higher productivity in the US allows for higher wages even in areas where goods are easily tradable.

4 - Trade increases efficiency, so in the longer run even when it does lower the wages of some Americans while increasing wages for some people overseas, it will tend to increase the overseas wages more then it decrease the American wages.

5 - Trade lowers prices on some goods and services. Which helps maintain real wages even if it doesn't help with nominal wages.
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