Trade can be a substitute for raid and that peace is far less costly than war, writes economist Bruce Yandle. 'Those who prefer peace, trade, individual rights, and freedom will have to be eternally vigilant and grapple with these hard questions.'
he tragic Russian invasion of Ukraine has generated understandable, though sometimes misguided, responses.
Of course, our human tendency may be instinctive for a reason, and trying times come with costs and few easy answers. But when a more peaceful world does come, to the extent that we’ve limited human interaction, it will be poorer. Still, the war continues, and for now, we’ll have to weigh one cost against another. Although this invasion is distinct in its horror as a post-World War II European conflagration, the sanctions and negative responses are not unique — only more visible today.to abandon the gold standard and impose wage and price controls and tariffs to calm inflationary forces. This was primarily a response to France’s effort to convert dollars to gold.
Today, with the U.S. polity already in an isolationist mood, a new tragedy inspires the tribal tendency again. An enhanced"" law has just passed. We are again being asked to turn away from more products with a foreign origin.
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