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Quote of the day

is Paul Krugman’s advice for undergrads in his book Pop Internationalism:

An international economics course should drive home to students the point that international trade is not about competition, it is about mutually beneficial exchange. Even more fundamentally, we should be able to teach students that imports, not exports, are the purpose of trade. That is, what a country gains from trade is the ability to import what it wants. Exports are not an objective in and of themselves: the need to export is a burden that the country must bear because its import suppliers are crass enough to demand payment.

Krugman is an econ Nobel laureate and a leading authority on international economics.

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