When I was a full-time economics professor at a post-naval school, I always taught my master’s degree on the benefits of comparison. I would say to them that if two people were on a desert island and discovered each other, they would specialize in generating profits that they would have to trade for relatively superiority and other good. I showed them that I could do more. I then moved to a simple number illustration and to the other three important points.
First, I expanded from the island to the country and showed why it makes sense for Californians to do business with New Yorkers. Secondly, I expanded from country to world, showing that borders do not change reasoning. People in the US earn from dealing with people in China, Canada or other countries. Third, I showed how they implicitly collected comparative benefits in their work. Many of my students oversaw dozens or hundreds of people. They only received from experience to scholarship of their underling work that they left time to do their work, even if they could do their underlayer work better and faster. I realized that making money was a fool’s business.
I fall into the fact that when trade is opened to the world, sub-businesses lose these businesses, and sub-workers of those businesses lose these jobs, falling below foreign production. The subworld will be even worse, so I’ll note that for at least a few years or years I’ve found a job that could pay 20 people, 20 less than what I’d previously won. Threatened losses from foreign competition will lead sub-businesses and the world to lobbying for duties or import allocations to make foreign goods less attractive to domestic buyers.
Students were excited by their new knowledge, but were plagued with the prospects of free trade. They realized that most people didn’t understand the argument they just learned, and the students thought we were stuck at high tariffs. I Gavem is a pleasant surprise. I have shown that tariffs have decreased every ten years since World War II and are now small amounts of pre-World War II.
This is from David R. Henderson, who said, “The benefits of free trade are at risk,” defined the idea on February 20, 2025.
I’m going into details about how they have favorites around the world before World War II, showing how they are at risk now.
Read the whole thing longer than my usual Hoover article.
