Celebrate Black Friday

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…even if you don’t fight the crowds today. I second Lew’s choice of what to give thanks for: “the heroes…in the civilizing and prosperity-creating division of labor.” On the drive to my parents’ yesterday, my husband and I discussed the Walmart ad which was the subject of PRI’s Marketplace earlier this week. In the ad, Walmart claims to save you money even if you don’t shop at Walmart. This claim baffles those who never step outside of their government school education. But, as Martketplace explains, it’s a simple matter of economics and market competition.

The end of the Marketplace piece points out that Walmart also causes lower wages. Lower nominal wages – yes. But what about real wages? And if real wages decrease after each Walmart expansion, is Walmart to blame? Perhaps we should look elsewhere.

In the comments section of the Marketplace story, the sorry state of American economics education is revealed further. Readers are upset about the jobs that are sent overseas by the likes of Walmart. The protectionist mentality just can’t understand how the international division of labor enhances the lives of all that it touches. Is Walmart the cause of our double-digit unemployment? Perhaps we should look elsewhere.

7:43 am on November 27, 2009