Thursday, August 27, 2015

What #DonaldTrump Does Understand About Trade

What #DonaldTrump Does Understand About Trade

August 27, 2015 What #DonaldTrump Does Understand About Trade , 1 Comments


By Donald Boudreaux, Aug 10, 2015 Cafe Hayek

At one time, it was believed that importing more than was exported impoverished a nation because the difference between import and exports had to be paid in gold, and the loss of gold was seen as a loss of national wealth.  However, as early as 1776, Adam Smith’s classic The Wealth of Nations argued that the real wealth of a nation consists of its goods and services, not its gold supply.

Too many people have yet to grasp the full implications of that, even in the twenty-first century.  If the goods and services available to the American people are greater as a result of international trade, then Americans are wealthier, not poorer, regardless of whether there is a “deficit or a “surplus” in the international balance of trade.

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