Episode 314: What Happened to Trade?
Words & Numbers
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Is There a Stochastic Truth in Economics?
In economics, truths are stochastic. They may not be true every single time, but they're true on average. When you raise the minimum wage, low skilled workers who lose their jobs far outweigh those that keep or gain jobs. The people who are better off because of trade far outweigh the number who worse off. And what you end up seeing is and I don't want to throw Obama at Donald Trump, but he was particularly bad about this sort of thing.
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