Ep. 276 Even Milton Friedman Slipped in His Defense of Trade Deficits
Bob Murphy Show
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The Importance of a Trade Deficit
If the US has a trade deficit with Japan, it means Americans spent more on Japanese imports than the Japanese spent on American imports. America spent more importing goods from Japan than it earned in exporting goods to Japan. That's what a trade deficit is. It's always the things are converted to money. And that's how we measure it.
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