55 – Daniel Griswold on the Basics of Trade
Macro Musings with David Beckworth
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Misconceptions and Realities of Trade Deficits and Economic Growth
The chapter debunks the misconception that trade deficits inherently harm economic growth by explaining how imports are neutral in the GDP equation. It delves into the importance of imports for fueling growth by enabling businesses to produce competitively priced products and highlights historical arguments against protectionism. The impact of trade, automation, and the global supply chain on American jobs is discussed, emphasizing the need for reeducation and adapting to economic advancements.
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