Main Street. Milton Friedman's Morals
by: William McGurn
Sep 20, 2016
Click here to view the full article on WSJ.com
by: William McGurn
Sep 20, 2016
Click here to view the full article on WSJ.com
TOPICS: International Trade
SUMMARY: As Trump and Clinton bang the drums for tariffs and renegotiated deals, where's the popular voice for trade?
CLASSROOM APPLICATION: Students can discuss the ethics of free trade and barriers to trade. In doing so, they can develop ethical criteria (e.g., Pareto efficiency, various equity concepts, and maximizing a country's economic welfare) that could be used to evaluate whether a country should promote free trade.
QUESTIONS:
1. (Advanced) Milton Friedman would ask by what right should an American be prevented from buying a lawful good or service if he found a better price from someone overseas? Where's the morality of keeping a worker from selling the product of his labor to someone who happens to live in another country?
2. (Advanced) Is it ethical for a developed country to place tariffs on products imported from low-wage developing countries? What ethical criteria could be used to answer this question?
3. (Introductory) What are the benefits of trade? What are the negatives?
1. (Advanced) Milton Friedman would ask by what right should an American be prevented from buying a lawful good or service if he found a better price from someone overseas? Where's the morality of keeping a worker from selling the product of his labor to someone who happens to live in another country?
2. (Advanced) Is it ethical for a developed country to place tariffs on products imported from low-wage developing countries? What ethical criteria could be used to answer this question?
3. (Introductory) What are the benefits of trade? What are the negatives?
Reviewed By: James Dearden, Lehigh University
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