What is it about?
It explains the so-called unnecessarily agitating use of the word crisis when attached to trade deficits. It shows that from a conventional economic standpoint there no such crisis caused by trade deficits. It’s all about the political angle and the moralistic angle that is reflected in the culture of the western world.
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Why is it important?
It gives one a deeper understanding of the current trade war that Trump has drawn us into.
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This page is a summary of: Trade deficits: A look beyond the economic view, Technological Forecasting and Social Change, April 1988, Elsevier,
DOI: 10.1016/0040-1625(88)90076-5.
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