Hughesair (Inflection Point)

Retired physician and air taxi operator, science writer and part time assistant professor, these editorials cover a wide range of topics. Mostly non political, mostly true, I write more from a lifetime of experience and from research, more science than convention. Subjects cover medicine, Alaska aviation, economics, technology and an occasional book review. Globalization or Democracy documents the historical roots of Oligarchy, the road to colonialism and tyranny

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Tuesday, July 29, 2014

Economics 101

http://www.ft.com/intl/cms/s/0/b80696d8-16f3-11e4-8617-00144feabdc0.html#axzz38sGIAbeN
The UK explains away their trade deficit by pointing out that the deficit is largely offset by income from foreign assets.

Some one of these days, economists will announce, as if it is a new discovery, that the income from foreign assets is in fact income lost to domestic enterprise and the domestic labor force. Yes the trade deficit is indeed a big deal -- a white elephant in the room that liberal economists pretend not to see or explain away.

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