Tweet Scott Sumner thinks that trade deficits have eventually to be repaid. I think he’s mistaken – at least on any meaningful definition of the word “repaid.” In practice some portion of a trade – or, current-account – deficit must be repaid. For example, the $1,000,000 that Mr. Nonamerican lends to Uncle Sam when Mr.
Myths and Fallacies
Tweet In the November 2003 Freeman I attempted to bust some myths about the alleged dangers of population growth. My column is below the fold. “Ironically, the birth of a child is registered as a reduction in national income per head, while the birth of a farm animal shows up as an improvement.” – Peter
Tweet Pictured here is a banner ad that ran across the top of my Cafe Hayek page earlier this morning. (And here’s the page that I got when I clicked on the ad.) Note the sales pitch for this boot-merchant in the banner ad: “Designed in America, Made in Italy.” What a splendid example
Tweet Gary Morgan, a loyal Cafe Hayek patron, suggests that I reprise this ten-year-plus-old post: Paul Krugman circa 1996 understood the point of this letter (below) that I sent yesterday to the New York Times. Paul Krugman circa 2007 apparently doesn’t: Opposed to free trade, David Raines asks “How can it be good for workers