• Arne Mortensen

Tariffs are dangerous

Mike Maloney has several videos about economics; these are well worth the time to view. Given the recent activity on tariffs, and the emotional attraction toward taking action to teach "the other side" a lesson, this link is a useful read.

About specialization: If we had no specialization, we would be not have moved beyond a most primitive society. We would have been stuck in cave man days. Specialization can occur anytime and anyplace ... if we let it.

That there always is, say, a better basketball player than we are is inevitable. That someone makes a product more cheaply or better than we, and they are located in, say, Asia, is quite possible. Who is to decide what is best for you? I say it is you, not some bureaucrat. A large collection of you makes the free market the astoundingly successful and beautiful system that abides by human desire to be free to make decisions absent of physical force.

One final thought about a commonly made statement that has little substance: an imbalance of trade is bad. Well, I have an imbalance of trade with Burger King; I buy from them, but they do not buy from me. Should I punish them? Will this imbalance end badly? It will take care of itself; if I no longer can afford eating at BK, then I stop buying at BK. If BK sold to me below their costs, then I thank them and smile while I take their gift. Gifting like that is unsustainable, so after a bit, BK will go out of business.

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