The Catholic University of America

Jay Richards, assistant research professor, business, was quoted in a Christian Post story on economic myths spoken by presidential candidates. See below.

3 Economic Myths Spoken by Presidential Candidates of Both Parties

From: Christian Post
Date: May 11, 2016
Author: Jae Wasson

... Myth #1: Reducing international trade helps economic growth.

Jay Richards, an economist at The Catholic University of America and executive editor of The Stream, said the biggest economic myth of this election cycle is the idea there is always a winner and a loser in trading relationships.

Donald Trump, Bernie Sanders and sometimes Hillary Clinton have talked about international trade as harmful, implying that when we give our money or goods to another country we do not get something we value equally in return.

Richards compared this to saying your local grocer is harming you by selling you groceries.

"This is one of the basic laws of economics," Richards said, "the mutual benefits of trade … but it cannot find its way into the rhetoric of politicians and the understanding of a large population." ...

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