William Henderson and B. McGraw talk about trade and industry. This is Part 1 of 2 episodes.
First we discuss the role of specialization in trade, and how trade increases real output within the economy. Then, we discuss the correlation between trade freedom and GDP per capita. After this, we discuss the social disintegration which occurred in the rust belt with the loss of industrial jobs. After this, we discuss competition in price and competition in quality, and which areas the US competes in related to these categories. We then discuss possible ways to prevent the negative side effects of trade, to include targeted education for those who lose their jobs. We then talk about whether or not it’s possible to compete on quality in high-tech industrials, the difficulty of competing on price due to labor costs, and possible solutions to the negative side-effects of free trade.
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0:52 Specialization
2:05 Higher real output
3:48 Trade freedom and GDP per capital
4:08 Rust belt and social disintegration
5:17 Price vs quality competition
10:14 Targeted education?
10:55 Can we compete on quality in industrials
13:10 Difficulty of competing on price
15:31 Modular nuclear in Appalachia?
16:12 Comparing the loss of agriculture jobs to loss of industrial jobs
19:05 Reddit/Twitter arguments
29:48 Tariffs
34:35: Neo-mercantilism & Autarky
36:06 Other solutions?
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