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To produce more masks, President Trump should lean on the FDA and CDC, not 3M

Bashing a major multi-national like 3M might make for good Twitter, but it is very dangerous public policy. In the fight against the Coronavirus, it is more important that usual to think clearly: What is the problem? What is the solution? What are the obstacles to that? How can we get rid of them? Anything else, however satisfying emotionally, is a distraction. ...

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Minnesota`s exports fall in second and third quarter

The Department of Economic Development has announced a 2.2% drop in Minnesota`s overall exports in 2019`s 3rd quarter. Exports rose 1% in first quarter but fell 4% in second quarter and 2.2% third quarter. This has been attributed to the uncertainty surrounding international trade policy. Q1 Minnesota experienced Growth in exports in Q1 which was led by growth in demand for medical, optical and machine products. Exports to Germany, Mexico and France grew the most, while those to Singapore and china dropped 29% and 13% respectively. [caption id="attachment_17278" align="alignnone" width="974"] Export Summary Q1[/caption] Q2 Total exports fell 4% In the second quarter with a fall...

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Milton Friedman on free trade

Trade is one of the oldest topics in economics. It is also one of the oldest sources of economic dispute. Adam Smith wrote The Wealth of Nations in 1776 largely to refute the doctrines of the Mercantilists. The essential issues remain unchanged since Smith's time. Anyone looking at arguments in the centuries since will be struck by how contemporary they sound. For an example, look at this Newsweek column, written by the economist Milton Friedman in 1970. All you have to do is replace 'Japan' with 'China', and you have a sharp comment on current trade disputes. ...

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What trade means for Minnesotans

Recently, I had the pleasure of addressing a meeting in Mankato hosted by the Heritage Foundation on the subject of trade and its role in Minnesota's economy. I argued that, if our aim is to build an economy tilted towards investment, increased productivity, and higher high wages, we would be better off pursuing a policy of open trade....

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