“Manufacturing is going the way of agriculture. But we are not getting poorer. This has been true since at least 1840.  Free trade in manufactured goods is of marginal overall importance. Free trade in digital services will increase. The government cannot easily tax this kind of international trade. There are no tariffs and quotas on information. But protectionists never mention this aspect of free trade. They are focused on physical production, which is of declining value in our lives. The decline in American manufacturing is not the result of free trade. It is the result of our increasing wealth. We buy services and digits, not space-occupying stuff.”

http://www.garynorth.com/public/14455.cfm

Did you like this?
Tip Freedomwat.ch Staff with Bitcoin

Donate via Installed Wallet Copy