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Ricardo’s Caveat

Posted April 25, 2015 by Ian Welsh

In 1817, David Ricardo formalized the Law of Comparative Advantage. Since then, it has stood the test of time as one of the very few laws that an economist can point to and say: “This is indisputably true.” It’s because of this law that you only rarely find an economist who doesn’t believe in unrestricted free […]

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Free Trade Is Elites Betraying Their Own Populations

Posted April 25, 2015 by Ian Welsh

The odd thing about free trade is that it is both meaningless and vastly important. Comparative advantage, which is supposed to be a straight win for both partners who are trading, is a rounding error even when it works, if you don’t have full employment.  However free trade and the free capital flows that are […]

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Obama Tries to Make His Bones Again With the Trans Pacific Partnership

Posted April 24, 2015 by Ian Welsh

Apparently Obama is angry at progressives for attacking the Trans Pacific Partnership.  “What I am averse to is a bunch of ad hominem attacks and misinformation that stirs up the base but ultimately doesn’t serve them well. And I’m going to be pushing back very hard if I keep hearing that stuff,” Obama told a […]

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