> We could simply define jobs for people, and stop importing products in those categories. Need more jobs? Restrict more product importation and offshoring.
It's becoming more common to advocate for scaling back globalization as a solution to local economic problems. It might even work; I wonder if there are any downsides?
The commonly cited downsides include (a) rent seeking among protected industries and (b) prices of domestically produced goods are higher. How true these are in practice is probably somewhat controversial and difficult to measure.
It's becoming more common to advocate for scaling back globalization as a solution to local economic problems. It might even work; I wonder if there are any downsides?