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Originally posted by Spanky
Have you talked to Adam Smith or Ricardo recently? As Reagan once responded when asked about retaliatory tariffs, "if the guy at the other end of the boat in which we are sitting punches a hole in the bottom of his side of the boat how does it help that I do the same"?
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Smith advocated retalitatory tarrifs in the wealth of nations:
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The second case, in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry, is, when some tax is imposed at home upon the produce of the latter. In this case, it seems reasonable that an equal tax should be imposed upon the like produce of the former.
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Link to Wealth of Nations
David Ricardo did the same in other books, but I don't have time to find them now.
Quote:
Originally posted by Spanky
Median wage per worker? You may want to look at prior posts on this board where I explained why the term Median when it comes to statistics, is a useless one. How about the average wage per worker or the average wage per worker in every quintile?
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Mean (or "average") wages is a highly deceptive concept. Mean wages are skewed upward by highly compensated persons.
Quote:
Originally posted by Spanky
Can you cite one example where the US has increased its trade restrictions against another country (as you suggest we do with India and China) and such restrictions have benefited the United States?
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Give a Democrat president some time, and with advice of left-wing economists like Harvard professor Richard Freeman, you'll see good effects from imposing trade barriers.
