Interesting op-ed piece in today’s nytimes, written by some economists at the Federal Reserve in Dallas. They provide data which shows that the ratio of consumption per person of the richest and poorest fifths of America is 2.1. This is quite surprising to me, but makes sense in terms of the falling costs of many of the goods that we consider desirable (TVs, DVD players, cell phones, computers).
This is the kind of change of prosperity that we will lose if we erect more barriers to trade.
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