Excellent stuff by Brad Delong on what happens when rich countries open up their economies – not much, and long term the effect is positive, especially when you realize that 1.3b Chinese (and 1.1b Indians) are a pretty powerful force of economic development that you want to tie into your own economy with as many and as unbreakable strings as possible. In the long run, we all benefit by trade.
If only politicians up here in the frigid north could understand that….. Here is the video directly:
Brad is an inspiration and a glorious example to academics everywhere – he really is out there, putting his thinking, teaching and publicizing online. Maybe the makers of Morning Coffee ought to include Brad’s Morning Coffee as a default choice.