Lecture presented by Robert P. Murphy at the 2006 Mises Supporters Summit; “Imperialism: Enemy of Freedom,” hosted at theLudwig von Mises Institute, Auburn, Alabama; 27-28 October 2006. mises.org Dr. Robert P. Murphy is an Austrian School economist and free market-oriented author. He is the author of the books, The Politically Incorrect Guide to Capitalism and The Politically Incorrect Guide to the Great Depression and the New Deal. Mr. Murphy is a senior fellow in business and economic studies at the Pacific Research Institute, and is an adjunct scholar for both the Ludwig von Mises Institute and Mackinac Center for Public Policy, and is an economist for the Institute for Energy Research. He writes regular columns for LewRockwell.com and Townhall.com. Related links www.mises.org www.lewrockwell.com consultingbyrpm.com mises.org DISCLAIMER: The producer of this media presentation, the Ludwig von Mises Institute, has given permission under the Creative Commons license to publicly repost as long as credit is given to the Mises Institute and respective guidelines are followed. More info at: creativecommons.org This YouTube channel, LibertyInOurTime, is in no way endorsed by or affiliated with the Ludwig von Mises Institute, any of its lecturers or staff members.
Robert Murphy is quickly becoming one of my favorite economists
My Costa Rican friend was ardently against CAFTA. He claimed Americans were stealing Costa Rican jobs.
@bobbyb1978
Is it better to work for less money than more, especially if your boss is willing to pay you more? Essentially that is what you say when you say things like “export more”. It is better if your products are cheaper and/or better quality etc. as compared to other producers, because that will get you more exports, but that is different from arguing for more exports. Lets not reverse cause and effect, and pursue the effect as a goal in itself.
very informative. Lou Dobbs needs to hear this.
@bobbyb1978 “The ones who are more productive” :
Labor productivity is maximized by importing goods and services that can be produced at a lower cost overseas. This frees up local labor to produce or assist in production of added value products and services. They also can obtain imported goods at a lower cost than if they were produced locally. This is essentially efficient division of labor, creating more local net wealth.
Disagree with the trade accounting argument. I think it’s better to export more than less. It doesn’t undermine your wealth or total assets, unless you use your accumulated exchanged goods (like money) in unproductive ways. Generally, the more you trade the wealthier you become as long as you make a good deal. The ones who are more productive benefit more, as they accumulate more exchanged goods. One is always more productive, thus richer, than the other. Trade surpluses are a sign of that.