I shared a video last year that pointed out that Americans live in a nation that became prosperous thanks to “creative destruction.”
That’s the term developed by Joseph Schumpeter to describe the economic churning caused by competition, innovation, and markets. International trade is just a minor part of this process, though it’s the part that generates the most controversy.
But the good news is that other jobs are created. And entrepreneurs start new businesses.
And the better news is that our living standards increase. Especially over time. Even for many of those who lost jobs in the short run.
That’s why we’re