The U.S. Is Beating China on the Factory Floor. This Is Why.

[SCAudiophile]

Originally Posted by cmarin

Agreed Gentlemen. A positive and instructive discussion.

Here's a quote from today's WSJ on the issue of trade that provides a historical context to our discussion:

Trade: “It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy,” wrote Adam Smith in 1776. “If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better to buy it of them.” Two centuries later, Milton Friedman noted that trade protectionism “really means exploiting the consumer” by artificially limiting choice and raising prices for the benefit of domestic producers.

Yes there are winners and losers in any trade deal. But in the long run the efficiencies introduced by trade competition promote the overall welfare for both producers and consumers.

But of course, as another famous economist was quoted as saying: In the long run, we're all dead.

Great thoughts and very famous quote,...all very applicable to both past and present circumstance. Hopefully though, the long run will be a very long run from now as I'm enjoying life to much!

Have a great day!