We have become so efficient that we now have an enormous trade deficit.
(part of e-mail communications lifted for the idea)
“Although the share of manufacturing employment has steadily fallen over time, the share of manufacturing output (to total output) has been remarkably stable over the same period. Labor productivity growth in manufacturing over this period can explain the falling employment share and the constant output share.”
This is the stock response. “Can” explain or “does” explain? No weasel words here, please.
We have become so efficient that we now have an enormous trade deficit?
Rdan here: The argument rages here and elsewhere whether our output benefits people or the economy, based on the argument itself, not the real economy or paper economy.