Greater exports are indeed an indispensable means of increasing a people’s consumption through imports. It is, however, highly misleading – it promotes the worst sort of economic fallacies and, hence, it promotes destructive policies – to speak of exporting as being the source of prosperity. Trade in such cases is the source of prosperity, not exporting per se.
So to young Mr. Yang – and to everyone – I ask that every time you encounter phrases such as “export-led growth” or “economy built on exports” that you hear or read these phrases in your mind as “trade-led growth” or “economy built on trade.” The reason, again, is that the economic improvement at home is found not in the sending of stuff to strangers, but in the receiving of stuff from strangers. Exporting can be a means to prosperity – and an important means, to be sure – but exporting itself is not what makes people wealthy; rather, trade – the receiving of valuable goods and services in exchange for exports – is what makes people wealthy.
sábado, março 16, 2013
Import-Led Growth por Don Boudreaux: