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Wed Nov 08 02:14:03 UTC 2017
Basic Economics.
Page 475: Chapter 21, "International Trade" begins.
"[I]nternational trade is not a zero-sum contest. Both sides must gain or it would make no sense to continue trading." The book once again ignores concepts of leverage, and really short-term vs. long-term viability. China is still rightfully angry about enforced trading in early British/Chinese trading history.
There's a good Extra History series about it:
Though, I must note that I agree that things should be considered in non-zero-sum terms most of the time. Stronger together and all that great jazz.
Page 478: Three categories of gain from international trade: absolute advantage, comparative advantage, and economies of scale.
Page 480: The book actually is using a table to help explain comparative advantage. What is this?
Page 481: Comparative advantage is actually pretty cool. Best quote: "Comparative advantage means there is a place under the free-trade sun for every nation, no matter how poor, because people of eery nation can produce some products relatively more efficiently than they produce other products."
Page 489: Sub-section "[The ]Saving Jobs[ Fallacy]". I haven't read this section yet, but I'm going to assume the book will state how job totals will grow overall, it'll just be different work. The author may concede that people will be displaced, but will not really concede that this is a significant problem to be solved. More and more jobs are disappearing, and yes jobs are being created, but the people with the old jobs often don't have the skills for the new job. There needs to be a strategy to rectify this more efficiently than exists now.
Page 491: "The fallacy of composition, the belief that what is true of a part is true of the whole." The author mentioned this fallacy before, but I didn't note it, and I really like it, so I wanted to note it here. In this case he's talking about how "saving jobs" in one industry often costs more jobs in another. The given example being steel production and the various industries that use steel. Reducing imports saved $240 million and 5,000 jobs in the steel industry, and cost $600 million and 26,000 jobs elsewhere.
Which, looking at revenue vs jobs, looks like it hurt a larger number of lower-income jobs. The exact nature of these statistics is unknown to me at this time, though. For example, it may include jobs that didn't come into being because of these laws. I'll need to find the book's sources on this statement.
Page 492: Subsection "Infant Industries". Surprisingly, the book does not also mention how this fallacy doesn't take comparative advantages into account.
Page 497: The author zips right by a significant comment he quotes: "Asian manufacturers make 'razor-thin profit margins due to the hefty licensing fees charged by the global brand firms.'" A specific example of leverage in action and the author just ignores it.
Page 498: "As of 2006, 63 percent of the Japanese brand automobiles sold in the United States were manufactured in the United States." Heh, a fact I heard recently because the US president is an idiot.
Page 499: "It has been estimated that all the protectionism in the European Union countries put together saves no more than a grand total of 200,00 jobs-- at a cost of $43 billion. That works out to about $215,000 a year for each job saved." I should find the author's sources, but I already am against protectionism, so this is cool. Also, another argument for basic income (though I'm still digesting criticisms against it).
Page 500: Chapter 21 done.
Tomorrow, Chapter 22: International Transfers of Wealth.