Only got about 100 e-mails on this today and no, we didn’t miss it — thanks.
Here’s “An Open Letter to Lou Dobbs” from Don Boudreaux, Chairman of the Economics Department at George Mason University, posted over at the Cafe Hayek blog and reprinted in the Christian Science Monitor. Says Boudreaux:
“Every night on CNN…You thunder that imports destroy American jobs, reduce wages, and make the economy perilously ‘unbalanced.’ But you are mistaken.”
He goes on to enumerate some stunning and persuasive statistics on Dobbs’ oft-lamented middle class, proving that things ain’t all that bad. On trade, there’s this:
“[Adam] Smith correctly understood that with free trade, the economy becomes larger than any one nation – a fact that brings more human creativity, more savings, more capital, more specialization, more opportunity, more competition, and a higher standard of living to all those who can freely trade.”
Yeah, we knew that. All in all, a good read. We’d recommend it. Looks like George Mason trumps a Harvard grad on basic economics.
Latest posts by NAM (see all)
- Manufacturers Win Several Website Design Awards - June 15, 2011
- China Makes Commitments on Trade, Intellectual Property - December 16, 2010
- ITC Details Widespread Theft of Intellectual Property in China - December 14, 2010