Monopsony, Free Trade

From: N
Sent: Thursday, August 09, 2018 7:38 AM
To: wblock@loyno.edu
Subject: Fake economic news follow up

Hello Professor Block, My name is N, I received my degree in (conventional) economics from xyz University a little over a year ago. I am currently working my way through the Virtual Mises University and last night I had the pleasure of viewing your lecture on fake economic news. It was unfortunate that you were not able to get into the monopsony argument, and I am reaching out to you for any resources on the subject.

Also, a note on the tariff discussion. Yesterday (8/8/18) lewrockwell.com featured this article by Pat Buchanan:

The Globalists

In the article, Mr. Buchanan makes the argument that free trade is a “political religion, a creed, a cult.” How would you respond to the anti free traders who claim that we are putting “economy before country”? Thank you, Nathan

Dear N: Here’s some intellectual ammunition on both issues:

Monopsony:

Block, Walter E. and William Barnett. 2009. “Monopsony Theory.” American Review of Political Economy June/December, Vol. 7(1/2), pp. 67-109; https://sites.bemidjistate.edu/arpejournal/wp-content/uploads/sites/2/2015/12/v7n1-2-block-barnett.pdf; http://www.arpejournal.com/

Free Trade:

Block, Walter E. 2018. “Trump’s Fake Fix for a Bad Economic Policy; Using tax dollars to bailout farmers hurt by President Trump’s tariffs is not the way to strengthen the economy.” New York Times, July 26; https://www.nytimes.com/2018/07/26/opinion/trump-tariffs-farmers-iowa-libertarian.html?rref=collection%2Fsectioncollection%2Fopinion&action=click&contentCollection=opinion&region=stream&module=stream_unit&version=latest&contentPlacement=2&pgtype=sectionfront; http://www.economicpolicyjournal.com/2018/07/hot-breaking-walter-block-op-ed.html

October 27, 2006. Auburn, AL. Mises Institute. Imperialism: Enemy of Freedom: Supporter’s Summit: “The case for free trade – not imperialism”; http://www.mises.org/upcomingstory.aspx?Id=88; https://mises.org/library/case-free-trade-not-imperialism

Krasnozhon, Leo, David Simpson and Walter E. Block. 2015. “Fair trade: Its Real Impact on the Working Poor.” The Review of Social and Economic Issues (RSEI). Vol. 1, No. 2, Spring, pp- 5-28; http://rsei.rau.ro/index.php/last; http://rsei.rau.ro/images/V1N2/Articol_1.pdf; http://www.rebe.rau.ro/RePEc/rau/rseijr/SP15/RSEI-SP15-A1.pdf

Block, Walter E. 2007. “NAFTA and Dr. Ron Paul: Reply to ‘Superhighway Scaremonger’s, by Terence Corcoran” August 25; http://www.canada.com/nationalpost/news/editorialsletters/story.html?id=0d9e600d-dc7f-4b85-acf4-32b8ae4881a0

Block, Walter E., Peter Klein and Per Henrik Hansen. 2007. “The Division of Labor under Homogeneity: A Critique of Mises and Rothbard” The American Journal of Economics and Sociology, April Vol. 66 Issue 2, pp. 457-464; http://www.blackwell-synergy.com/toc/ajes/66/2; http://141.164.133.3/exchange/walterblock/Inbox/Re:%20link_x003F_-2.EML/1_multipart_xF8FF_2_j.1536-7150.2007.00520.pdf/C58EA28C-18C0-4a97-9AF2-036E93DDAFB3/j.1536-7150.2007.00520.pdf?attach=1

Saliba, Michael, Walter E. Block and John Levendis. 2007. “Tariffs on Steel: Special Interests vs. Free Enterprise,” The Indian Journal of Economics and Business: Special Issue on Economic Development, Transition Economics, and Globalization: Austrian and Public Choice Perspectives, Vol. 5, Special Issue, pp. 139-151.

Dreuil, Emile, James Anderson, Walter E. Block and Michael Saliba. 2003. “The Trade Gap: The Fallacy of Anti World-Trade Sentiment,” Journal of Business Ethics, Vol. 45, No. 3, July, pp. 269-281; http://www.walterblock.com/publications/trade_gap.pdf;

Block, Walter E. 1999. “Optimal Export Policy for a New Product Monopoly,” Cross Cultural Management, Vol. 6, No. 2, pp. 29-32; http://www.walterblock.com/publications/optimal_export_policy.pdf

Gries, Michael and Walter E. Block. 1998. “Predator: Anti-Dumping Regulations,” Consent, #29, March, pp. 9-10.

Block, Walter E., Joseph Horton and Debbie Walker. 1998. “The Necessity of Free Trade,” Journal of Markets and Morality, Vol. 1, No. 2, October, pp. 192-200; http://www.acton.org/publicat/m_and_m/1998_oct/block.html;
http://141.164.133.3/faculty/Block/Blockarticles/freetrade.htm; Search for “Walter Block” under “Authors” here: http://www.marketsandmorality.com/index.php/mandm/search

Yoon, Yeoman, Robert McGee and Walter E. Block. 1997. “Do we need protectionism,” Asian Economic Review, Vol. 39, pp. 237-

McGee, Robert W. and Walter E. Block. 1997. “Ethical Aspects of Initiating Anti Dumping Actions,” International Journal of Social Economics, Vol. 24, No. 6, pp. 599-608; http://141.164.133.3/faculty/Block/Blockarticles/ethicalaspects.htm; http://tinyurl.com/294om4; http://tinyurl.com/ystpyd

Block, Walter E. and Robert W. McGee. 1997. “Must Protectionism Violate Rights?” International Journal of Social Economics, Vol. 24, No. 4, pp. 393-407; http://141.164.133.3/faculty/Block/Blockarticles/proctectionism.htm; http://tinyurl.com/ytzl6m; http://tinyurl.com/2z3sdy

Spissinger, Kristin and Walter E. Block. 1997. “Free Trade Is The Cure,” Consent, #28, December, pp. 9-12.

Sordillo, Alizabeth and Walter E. Block. 1996. “Free Trade Is Economically Efficient,” Fundamentals of Prosperity, Essay #1, October, Center for World Capitalism of the James Madison Institute, pp. 1-7.

Block, Walter E. 1992. “Comment on ‘The Economic Approach to International Relations’: Reply to Bernholz,” Universal Economics: Assessing the Achievements of the Economic Approach, Gerard Radnitzky, ed., New York: Paragon House, pp. 413-420

Block, Walter E. 1992. “The Level Playing Field in Trade,” Economics: A Canadian Perspective, James D. Thexton, ed., Toronto: Oxford University Press, p. 509.

Block, Walter E. 1972. “The Polish Ham Question.” The Libertarian Forum. June-July, Vol. 4, No. 6-7, p. 5; http://www.mises.org/journals/lf/1972/1972_06-07.pdf; http://mises.org/daily/4054; https://archive.lewrockwell.com/block/block143.html

Block, Walter E. 5/10/91 “The core truth of the benefits of free trade,” Thunder Bay Chronicle-Journal

Block, Walter E. 1991. “Free Trade and Comparative Advantage,” British Columbia Report, v. 2, n. 38, May 20, p. 16.

Block, Walter E. 1991. “Free Trade,” Fraser Forum, June, pp. 26.

Block, Walter E. 1990. “A Positive Balance in Trade,” Fraser Forum, December, pp. 25.

Block, Walter E. 7/13/90. “Beggar my neighbor,” Thunder Bay Chronicle-Journal.

Block, Walter E. 1989. “Customs Unions—Or Real Honest to Goodness Free Trade,” Fraser Forum, August, pp. 17-18.

Block, Walter E. 2/4/89. “Better to stress strengths then raise tariff barrier,” The Financial Post.

Block, Walter E. 1989. “Take My Lumber, Please.” Consent. No. 8. May-July, pp. 5-6.

Block, Walter E. 8/4/89. Dollars and Sense: “Customs Union,” Alberni Valley Times.

Block, Walter E. 9/12/88. “Canada is for sale,” Thunder Bay Ontario Daily

Block, Walter E. 10/5/88. “Export subsidy helps economy of importer,” The Financial Post
Block, Walter E. 10/5/87. “Export subsidy helps economy of importer,” The Financial Post.

Block, Walter E. 8/23/86. “Good policy to go it alone on free trade,” The Financial Post.

Block, Walter E. 9/8/86. “The free trade question: How it relates to economic and cultural nationalism?” Grainews.

Block, Walter E. 3/5/84. “Provincial trade barriers are worse than imports,” The Whig Standard

Block, Walter E. 1983. “Understanding free enterprise: “Potato War?” Grainews, March, p. 50

Block, Walter E. 11/14/82. “Car wars hurt Canadians,” North Shore News.

Block, Walter E. 12/14/82. Dollars and Sense: “Lumber and Buns,” Peace River Block Daily News.

Block, Walter E. 12/27/80. “Why we should break trade barriers,” The Financial Post, p.10

Dumping:

McGee and Block, 1997; Yoon, McGee and Block, 1999

Gries, Michael and Walter E. Block. 1998. “Predator: Anti-Dumping Regulations,” Consent, #29, March, pp. 9-10.

McGee, Robert W. and Walter E. Block. 1997. “Ethical Aspects of Initiating Anti Dumping Actions,” International Journal of Social Economics, Vol. 24, No. 6, pp. 599-608; http://141.164.133.3/faculty/Block/Blockarticles/ethicalaspects.htm; http://tinyurl.com/294om4; http://tinyurl.com/ystpyd

Yoon, Yeomin, Robert W. McGee and Walter E. Block. 1999. “Antidumping and the People’s Republic of China: Five Case Studies,” Asian Economic Review, Vol. 41, No. 2, August, pp. 208-217

October 27, 2006. Auburn, AL. Mises Institute. Imperialism: Enemy of Freedom: Supporter’s Summit: “The case for free trade – not imperialism”; http://www.mises.org/upcomingstory.aspx?Id=88; http://video.google.com/videoplay?docid=7926477054877151486&q=%22walter+block%22&ei=UTBHSJKtMqeg4ALA3aSJDA&hl=en; http://www.youtube.com/watch?v=mdqa67ao_2Q; http://www.youtube.com/watch?v=mdqa67ao_2Q

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3:26 pm on August 9, 2018