Thomas DiLorenzo is on the line to dispel with a number of economic fallacies surrounding the “new” idea of “economic nationalism”. The ideas in fact aren’t new, and although DiLorenzo is a part of the Austrian school of economics, tariffs and protectionism have been almost universally agreed on by economists throughout history to be poor policies.
Americans are complaining about “China” “stealing” “intellectual property”, but realistically, intellectual property has been stolen over and over again for thousands of years. Americans steal Chinese ideas too, and ultimately it doesn’t matter if the idea is stolen. What matters is a low cost product to the consumer.
After DiLorenzo departs, Tim reads a short piece written in 1992 by economist Walter E Williams that does away with the myth of trade deficits. Clue: They don’t really exist.