Why is the trade deficit, even taking out oil, so large when the dollar is so weak? Maybe some insights can be gleaned from productivity measures.
I like this train of thought he gives...
One possibility is that exactly because productivity growth in the US is very rapid, future prospects for America's wealth (in the form of the present value of future net output) are very bright, and hence we should dis-save now, in order to smooth consumption
contending conservatives for a very good reason indeed--the economy.
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Jim Nichols
A Speculative Fiction
www.JimNichols4.com
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