Saturday, February 12, 2011

Mankiw Corrects Obama: We All Win From Trade

From The New York Times, "Emerging Markets as Partners, Not Rivals" by N. Gregory Mankiw:
Achieving economic prosperity is not like winning a game, and guiding an economy is not like managing a sports team.
Listening to the president, you might think that competition from China and other rapidly growing nations was one of the larger threats facing the United States. But the essence of economic exchange belies that description. Other nations are best viewed not as our competitors but as our trading partners. Partners are to be welcomed, not feared. As a general matter, their prosperity does not come at our expense.
Read Mankiw's complete piece on trade here.

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