As Ed Elson & @justinwolfers.bsky.social point out on @profgalloway.com's Prof G Markets... ...disordered psychological thinking underpins the failures of both the tariffs & the Iran war. As I wrote on page 128 of @bandylee.bsky.social's, "The MUCH more dangerous case of Donald Trump"... 1/
“If they make more, we must be making less. If they export more, we must be losing.” That’s the zero-sum story in a nutshell. It’s also not how trade works. https://newsletter.platypuseconomics.com/p/the-lawyers-theory-of-trade