“Balanced” trade hasn’t worked out so well.

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American Compass Releases Conservative Economic Agenda for 118th Congress
Comparative Disadvantage

It is a tragedy that Friedrich Hayek’s excesses, invested with the authority of his (deserved) reputation, became the unexamined default for right-of-center economic thinking in America.

The resulting orthodoxy too often combines a Panglossian insistence on defending market outcomes regardless of their quality with a reflexive belief that policy intervention can only be distortive for the worse.

But when it comes to international trade’s effect on the American economy, a knowing assertion that nothing should be done, followed by yet another “analysis” working backward to an argument that nothing needs doing, will no longer do.

Continue Reading at American Mind
Oren Cass
Oren Cass is the executive director at American Compass.
@oren_cass
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Comparative Disadvantage

If comparative advantage is created rather than discovered, refusing to play the game has consequences.