Episode 128 – Free To Choose 1980 – The Tyranny of Control (Podcast)
Free To Choose Media Podcast
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The Price of the Yen in Dollars Will Go Up
People still put up arguments against the usual argument against complete free trade. They say cheap labor from abroad will take jobs away from workers at home. How do we compare the yen with the dollars? We need some way of transforming the one into the other. That is where the exchange rate enters in the price of yen in terms of the dollar. The problem is that more often than not, a free market is not permitted to operate for reasons that seem to make sense if you don't examine them carefully.
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