tag:blogger.com,1999:blog-11906042.post7176655468677433452..comments2024-03-30T00:09:27.602+13:00Comments on Not PC: The Utter Irrelevance of the "Balance of Trade"Peter Cresswellhttp://www.blogger.com/profile/10699845031503699181noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-11906042.post-55808056460397880182017-02-16T09:07:54.819+13:002017-02-16T09:07:54.819+13:00If our imports are infinite and our exports are ze...If our imports are infinite and our exports are zero, our income is infinite and our expenditures are zero. If we ship out money to pay for the goods, that's an export, even if most people don't realize it. Money represents goods left unconsumed, after all, and is always, in the end, based on physical property. This isn't new; this was discussed back in Rome, and reached the same conclusion. Plus, you forgot to include the fact that the country importing goods isn't idle; it's developing its own resources. <br /><br />As for people going out of business, that was dealt with in the 1700s. First, yes, they would. Life is hard; grow up. You are not entitled to a job, and any job carries with it inherent risks, including being obviated by some innovation. I've often said that I'm shocked humans still do my job--the Mars Rovers do it just fine! Second, if our imports are infinite the price of imports would drop to such a level that anyone could afford them, so even those with menial jobs would be enriched. How many poor people lack refrigerators these days? Or microwaves? Or telephones? Dinwarhttps://www.blogger.com/profile/06138006602385020048noreply@blogger.comtag:blogger.com,1999:blog-11906042.post-71862474552035006552017-02-13T17:49:46.763+13:002017-02-13T17:49:46.763+13:00Libertarians like to talk about "Opportunity ...Libertarians like to talk about "Opportunity costs "<br />When you sell your Nation's trading souk to the overseas junk market, someone goes out of business, like your next door neighbour in the rust belt. <br />Misery and pain. That may not be an opportunity cost to a libertarian but it is too many of us. <br />paul scotthttps://www.blogger.com/profile/15675247055484136242noreply@blogger.comtag:blogger.com,1999:blog-11906042.post-37482898376131211272017-02-13T17:40:18.185+13:002017-02-13T17:40:18.185+13:00Assume, if it amuses you, that foreigners flood ou...Assume, if it amuses you, that foreigners flood our shores with all kinds of useful goods, without asking anything from us; even if our imports are infinite and our exports nothing, I defy you to prove to me that we should be the poorer for it.<br /><br />I don't think anyone is going to allow uas to import infinite goods without paying for it. Too libertarian. <br />Charles Dickens Income 2 shillings<br /> Outgoings 2 shillings and sixpence<br /> Result unhappiness paul scotthttps://www.blogger.com/profile/15675247055484136242noreply@blogger.comtag:blogger.com,1999:blog-11906042.post-80754664816160696402017-02-13T12:15:52.771+13:002017-02-13T12:15:52.771+13:00Assume, if it amuses you, that foreigners flood ou...Assume, if it amuses you, that foreigners flood our shores with all kinds of useful goods, without asking anything from us; even if our imports are infinite and our exports nothing, I defy you to prove to me that we should be the poorer for it.<br /><br />If our imports ( spending ) are infinite and our exports nothing ( income ).... that would mean we are borrowing to consume...<br />Just like a household.... over time we will be the poorer for it as we will have to repay those loans... or go broke..??<br /><br />Warren Buffet used the analogy of selling the family silverware to maintain a certain lifestyle.... OR...selling parts of the family Farm to maintain a certain lifestyle.roelofhttps://www.blogger.com/profile/09477578372828055473noreply@blogger.com