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Voluntary exchanges are by definition advantageous to their participants. Within this voluntary, mutually beneficial relationship, I give up an item I value less, for something I value more: a fee for the desired product or service. My trading partners, whose valuations are in complementary opposition to mine, reciprocate in kind. Ceteris paribus , there's nothing wrong with my running a trade deficit with Costco, my hair stylist or my GTI dealer, as I do—just as long as I pay for my purchases. However, the data demonstrate that Americans, in general, are not paying for their purchases. (en) |
