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>What I said about efficiency in China is a faithful description of what academic econ commonly says. No, you won't get a single econ prof to say that the Chin
by tsiki 16y ago
>What I said about efficiency in China is a faithful description of what academic econ commonly says.
No, you won't get a single econ prof to say that the Chinese are more efficient at sewing buttons. But then again:
>More generally, there's next to nothing that China can actually do more efficiently than the US can. So, they sell us stuff just because they are cheaper, not because they are more efficient.
This is exactly what comparative advantage is about. It's clear that you've simply misunderstood the material.
- fredex 16y ago"No, you won't get a single econ prof to say that the Chinese are more efficient at sewing buttons." Are you serious? A Chinese worker will produce more sewing buttons for $1 than an American can. I'm very sure every reputable economist agrees.
- tsiki 16y agoObviously, but we're talking absolute terms here. Look at his examples (20 fingers etc). He's talking about the efficiency of sewing buttons, not about the efficiency of sewing buttons compared to the salary.