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To: Z Analyzer who wrote (5566)	2/15/1999 1:04:00 AM
From: Frodo Baxter	Read Replies (1) \| Respond to of 9256

>Instead of telling us again about the theoretical benefits of free trade, just for once I would love to hear an economist tell us what economic theory says will happpen to a country that perpetually runs large trade deficits. I would also like to have it explained why free trade will not result in a tendancy toward equalization of the worldwide wage levels for unskilled labor (with huge social implications for the US). And I will repeat my last non-theoretical question which is to ask what societies have ever become great while running large trade deficits. web.mit.edu Krugman has actually answered those questions you ask, and pretty convincingly, too, in my estimation. That's not to say I don't think the majority of his works are rubbish. For those fortunate enough to own Eat the Rich, PJ O'Rourke's treatment of Ricardo starts on pg. 116.