> I feel the jobs argument is outdated. As of right now the fed is unable to induce inflation despite huge amounts money pumped into the market. In other words

> I feel the jobs argument is outdated. As of right now the fed is unable to induce inflation despite huge amounts money pumped into the market. In other words the fed lost its ability to control employment. That was probably true 2-6 years ago but since then the Fed has raised rates in Dec 2015[1], Dec 2016[2] and shows signs of raising them again (meaning that inflationary policies are doing something). The "liquidity trap" is mostly over. > It also ignores the productivity gains from increased demands of bigger markets created by free trade. How can an individual gain productivity from increased trade? Without increased education or new technologies, individual productivity (and in aggregate, world productivity) will not be affected by changes in trade policy. [1]: https://www.federalreserve.gov/newsevents/press/monetary/20151216a.htm https://www.federalreserve.gov/newsevents/press/monetary/201... [2]: https://www.federalreserve.gov/newsevents/press/monetary/20161214a.htm https://www.federalreserve.gov/newsevents/press/monetary/201...