https://www.project-syndicate.org/print/trump-economic-illiteracy-trade-war-by-jeffrey-d-sachs-2017-04
Related:
Global Supply Chains and Populist Rhetoric
A timely piece from Adam Davidson:
“The U.S. does very well in the intellectual work—the engineering, industrial design, marketing, and distribution—that goes into creating, manufacturing, and selling products. Our Chinese-made iPhones and apparel return much higher profit margins to American designers than to Chinese manufacturers. Many firms now run their design, marketing, and engineering work in the U.S. and move the manufacturing abroad. This makes perfect economic sense, but it adds to the core challenge of the U.S. economy: there are increasing opportunities for people with the kinds of education and skill that lead to new ideas, but there are diminished opportunities for those who turn those ideas into physical products.”