...has been submitted by me to the National Academy of Sciences to appear as an insertion in a forthcoming report of theirs. Sorry - nothing to show now, but I'll share it when it comes out.
Markets work. And markets also fail sometimes. And when they fail, I occassionally think it's appropriate for governments to do something (often not). But one thing that definitely doesn't make sense is for government to do something when markets are working how we want them to work!
What About Trade Deficits, Anyway?: DeLong FAQ
10 hours ago