One common oversimplification is that it’s just about countries making and trading what they’re best at. Yes, but there’s a bit more to it.
Articles on Comparative advantage
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There’s a strong case for more strategic local manufacturing. There’s little case for making cars and trains in Australia.
Americans seem to believe trade deficits are a bad thing, partly because of arguments suggesting they mean the US is ‘losing.’ An economist explains why that’s rubbish.
