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Subj: My green eye's view of economics for real people
Posted: Sat Oct 18, 2008 at 09:53:23 am EDT (Viewed 584 times)
Thanks to the patient efforts of mjyoung and especially EcMan, I have been taken on a mental journey that has led me to the following conclusions, for which I take complete responsibility; which means, don't blame mjyoung or EcMan for what follows:
1. Globalization may be a net loss for the American worker but it is a net gain for the American consumer, and since the worker and the consumer are the same person, it ends up a wash, net neutral, for the worker/consumer composite person.
2. Globalization is a net gain for the American business owner, and since it's a net neutral for the American worker/consumer, the business owner's net gain will drive the future toward accelerating globalization.
3. Because consumer markets are local, the third world consumer pays third world prices, which means the third world worker/consumer composite person can subsist on dramatically smaller wages than the American worker/consumer composite person; therefore, the third world worker will always win and the American worker will always lose in any contest where economic efficiency picks the winner and the labor market is global.
4. The American worker's best strategy is to specialize in fields where the labor market is local, and that primarily means services, examples being barber, doctor, chef, lawyer, accountant, taxi driver, police officer, and social worker.
5. The American worker should also invest long term in the stock market, thus sharing to some extent in the prosperity of the American business owner.
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