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Friday, March 12, 2004

What Goes Abroad Usually Comes Back, With Benefits Via NYTimes

UCB Professor Hal Varian says that the money paid to foreign producers, whether businesses or workers, typically comes back home to buy domestic goods and services, thereby generating domestic employment. Hal Varian adds - Services have always been traded internationally. In fact, they now account for about 30 percent of the value of all American exports. Last year, the United States had a $550 billion trade deficit for goods, but a $60 billion surplus on the service side. Those who gain from trade either do not know it, or keep quiet about it, for obvious reasons. It's not prudent to brag about your good fortune while others are losing their jobs. Powerful arguments indeed..

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