Classic 1978 Milton Friedman Lecture on Trade

CARPE DIEM: Classic 1978 Milton Friedman Lecture on Trade
MP:
"Here’s a formula summarizing Milton Friedman’s insights:

1. The stuff we import

MINUS

2. The stuff we export =

3. Our standard of living

In other words, in economic terms, our standard of living is highest when we maximize imports and minimize exports, which is exactly the opposite of the political thinking and policies, which generally seek to maximize exports and minimize imports."