Wednesday, February 15, 2023

Trade Wars are Class Wars

Massive trade deficits and surpluses are often caused by financial repression. That is, some artificial mechanism is keeping wages or spending down in some country, causing exports to rise relative to imports in that country. As such, trade wars are not really conflicts between countries, but between classes within those countries. So argue the authors in the excellent book Trade Wars are Class Wars.

Thursday, February 9, 2023

Economic Facts and Fallacies

The government, the media and society at large take a lot of stuff for granted in forming their policies and opinions. The problem is that a lot of it is wrong. In Economic Facts and Fallacies, Thomas Sowell refutes a lot of the "conventional wisdom".

Monday, February 6, 2023

Chip War

Over the last several decades, silicon computer chips have shifted from being parts used by fringe, nerdy, hobbyist groups to becoming integrated into almost everything we do. This is even more the case in the military. Where once bombs had to be launched by the dozens to even have a limited chance of hitting a target, today's precision-guided (thanks to onboard chips that make mammoth calculations) missiles are neccessary to win wars. Chips have become a matter of national security. Chip War makes this case to the reader, and provides details on the industry's evolution, with a focus on the countries that play a role in shaping this industry.