Ep. 276 Even Milton Friedman Slipped in His Defense of Trade Deficits
Bob Murphy Show
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The Benefits of Free Trade
Bob Murphy: Even a nation that's more physically productive and absolute terms in every line of production still benefits from trade. Milton Friedman summarized it quite nicely, but he overstopped the argument by saying Americans would prefer imported goods to those they exported. If an undergrad wrote that, not an essay, I would certainly talk about it the next class,. But if I'm reading that at face value, that's wrong.
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