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Well, as someone who has been HEAVILY schooled in economics, I have to agree with Greenspan. Although the United States has absolute advantages in the production of almost all goods and services, we don't have comparative advantages in them all. For the sake of efficiency, it is important to allow the market to work properly and to re-train workers who have become unemployed due to frictional unemployment. This may mean that some workers hit a short-run rough patch financially, but in the long-run, they, the economy, and the world will all be better off. By allowing the market to naturally dictate the distribution of industries world wide, the global standard of living will increase and people will become better off.
Sorry if your position is in jeopardy, but this is how free market economics will create the most for everyone involved.
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Pride is the recognition of the fact that you are your own highest value and, like all of man’s values, it has to be earned.
It is not advisable, James, to venture unsolicited opinions. You should spare yourself the embarrassing discovery of their exact value to your listener.
Ayn Rand, Atlas Shrugged
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