Trade

“Trade is 47% of GDP.”

“In fact, in economic models, the gains from trade will look just like productivity. And there's a complete equivalence between those and a lot of models. So basically, if you have a robot to do something cheaply, you know, from the consumer's perspective, that…”

“The biggest benefits from trade take place over longish periods of time. The opportunity for the next generation to come along and use its skills well, but it can be hard on this generation.”

“I think it's a bad teacher and a bad economist who says, well, trade creates net benefits, so therefore it's good for the country.”