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by azernik
2904 days ago
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I remember my Econ 101 teacher being much more cautious - noting that trade produces benefits on average, and that the benefits everyone iff there is political action to redistribute the benefits; and that fiscal is better than monetary stimulus, but in most Western political systems that's harder to push through. Generally those simple adages are very much spherical-cow observations, with assumptions of rational (i.e. operating in the system's interest) leadership, rule of law, and priced-in externalities; when those professors go from their intro classes to their research they start to account for more of the real-world complications. |
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