An interesting new paper showing that changes in trade laws concerning China did indeed reduce American manufacturing employment. This will be taken as a measure of how much poorer such Chinese imports have made us. This is of course wrong. It is those very manufacturing job losses which show us how much richer trade with China, imports from China, have made us. Yes, I really am saying that losing manufacturing jobs to Chinese imports makes us richer.We have indeed lost some manufacturing jobs as a result of that trade with China. But we have not lost jobs in total – quite apart from anything else the general unemployment rate has not risen at the same time. To read the full article, please click here.
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