That's economics' second-biggest flaw. Its biggest flaw is its habit of assuming away coercion (in politics, foreign affairs and trade, immigration, law, crime, etc.) and security and yet pretending that its results are universal or readily applicable in coercive situations.https://twitter.com/EconTalker/status/1098641809608269824 …
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Sorry, Nick, but good economists think exports are the price you pay for imports just as your labour is the price you pay for groceries. A surplus -not invested in productive capital- is just like a bar-keeper letting the drunks run a tab. Not entirely a plus.
Yes, economists fill libraries full of books with this narrow kind or reasoning, using vast amounts of mathematics, Greek, and Latin, without ever mentioning what weapons, including nuclear weapons pointed at our families, those foreign purchases are going to fund.
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How ‘fund’? If they give you goods & you give them $$$, how does that constitute a missile aimed at you? Who do they give the $$$ to, to get them? PS: If they spend too many resources building their own, they will have fewer tradable goods to sell & so earn fewer USD.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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