Paul Craig Roberts debates Free Trade at the 2004 Austrian Scholars Conference. Featuring commentary by Guido Hülsmann, Joe Salerno, and Mark Thornton. Moderated by Randall Holcombe.
In his articles (” The Trade Question ,” The Washington Times 8/8/03 and “ Second Thoughts on Free Trade ,” nytimes.com 1/6/04) attacking the application of the Ricardian argument in favor of free trade to the modern world, Paul Craig Roberts is half right. It seems to me his critics such as Bruce Bartlett et al. have misconstrued his argument
To add to Reisman , more than fifty years ago, Ludwig von Mises recognized and carefully spelled out the limited applicability of Ricardo’s law of comparative cost or advantage. In those conditions of free international movement of capital and labor in which the law does not apply (e.g., in the later nineteenth century and currently), Mises
Although there are deep and abiding differences between Chicago school monetarists and Austrian monetary theorists, there has always been strong agreement among them on one thing: the central importance of the money supply in explaining the purchasing power of money or “price level” in the economy. This does not appear to be the case any longer.
Recent events such as the “deflationary boom” in China have led a few mainstream macroeconomists to re-examine and revise their views on the phenomenon of deflation, conventionally defined as a general and persistent decline in prices. The long-held view that a general fall in prices, or increase in the value of money, whatever its origin spells
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The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.