A Favorable Balance of Trade – Milton Explains

Think like an economist for a moment: What does “winning” in trade actually look like?

Milton Friedman had a knack for turning conventional wisdom on its head with simple logic. While politicians celebrate when we export more than we import, Friedman asks us to think about it from our kitchen table perspective.

After all, when you go shopping, do you consider it a victory when you leave the store with less stuff than you paid for?

Sometimes, the most profound economic insights come from the most basic common sense.

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