Aside from having four years of work critiqued by someone who only read Tyler Cowen’s brief and narrowly focused review of my book… I do not say the “U.S. trade deficit is something that makes the government bigger.” I do say, trade deficits make the economy less dynamic. Risk-averse savings do not constrain the growth of America’s knowledge-based innovation-driven economy. Risk-taking/underwriting and properly trained talent do. So far, trade deficits have flooded ... Read More
