3 ms·
Opening up trade doesn’t necessarily make everyone better off. If makes everyone better off overall, at least to first order, but if you have national security
by Robotbeat 5y ago
Opening up trade doesn’t necessarily make everyone better off. If makes everyone better off overall, at least to first order, but if you have national security requirements for needing domestic capacity anyway, that may make a bigger difference.
And you can make trade better for everyone period if you redistribute some of the gains of trade to those that it makes worse off. But… we don’t always do that…