Trade and Perception
Scott highlights the persistent appeal of mercantilist ideas despite their refutation by economists. He explains how common sense often misleads the public about the benefits of trade, focusing on immediate job losses rather than the broader economic picture. Additionally, he notes a tendency for natural xenophobia, where trade with foreign entities is viewed with suspicion, unlike trade between states within the U.S.In this clip
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EconTalk
Why Industrial Policy Is (Almost) Always a Bad Idea (with Scott Sumner)
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