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Some things matter whether or not they exist. The Loch Ness monster is one. National trade deficits are another, Trade deficits obviously matter to many people, because (whatever they are) they see...
The deficit ofthe federal budget dominates attention of the public arena. The process began with President Carter’s ill-fated budget announcement in February 1980. The response of the bond market r...
Today, people are bewitched, bothered, and bewildered by talk aboutthe twin deficits. However, concentration on the budget deficit and the trade deficit diverts attention from more serious problems:...
Popular and political perceptions about the relation ofthe U.S. budget and trade deficits are based on the observation that both deficits have been unusually high during the past several years. Our ...
DOLLARS, DEFICITS, AND TRADE     DOLLARS  DEFICITS  TRADE       2008/12/3
Where an open communication is preserved among nations, it is impossible but the domestic industry of every one must receive an increase from the improvements ofthe others,. . . Nature, by giving a...
Budget deficits were regarded as the ultimate propellant of economic growth when, under the influence of the “Keynesian revolution,” most economists believed that high employment and stability coul...
By now there is a substantial literature in economics pioneered by George Stigler (1971) and refined by Sam Peltzman (1976) and Gary Becker (1985) that analyzes the role the state plays in redistrib...
Global current account imbalances are increasing rather than decreasing. The U.S. current account deficit was about $665 billion in 2004 and rose to $791 billion (around 6.5 percent of GDP) in 2005,...

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