from the world's big
Chinese Import Tariffs are a Bad Idea
I just got back from a vacation and during that time I got to do something I love - read all sorts of intellectually stimulating stuff. It re-affirmed some simple knowledge: I love the Economist...
One of the most interesting stories I read was one I hadn't been following at all prior to my trip. Covered in both The Economist and The Atlantic the issue of Chinese import tariffs grabbed my attention.
Basically, there is popular support in the US for protectionism that would tax Chinese imports, and hopefully restore some American manufacturing jobs. A bill has been created suggesting that we tax imports based on the Chinese currency being artificially undervalued to give Chinese imports unfair advantage (which is very true, but probably not as egregiously as proponents of this bill claim).
At the heart of this issue is whether global competition is good or bad. The Economist killed it with their coverage; Who's afraid of the dragon?
What's most interesting, is that there's finally some data about the benefits of global competition, which previously has been pretty rare.
In a more standard exploration, economists tried to study the costs associated with foreign competition. What they found was meaningful; 0.77% lower employment per $1000 of import exposure per worker. That's big, especially in the most affected areas (several percentage points lower employment).
However, Nicholas Bloom, Mirko Draka, and John Van Reenen tried to study the benefit that countries got from foreign competition and came up with some fascinating stats. For every 10% rise in Chinese imports in a firms industry, there was: a 3.2% increase in patent filing, a 3.6% increase in IT spending, and a 12% increase in R&D.
While competition is eating the low end of the market, it's forcing innovation from incumbents (read: a good thing).
As a nation, we should be accepting this challenge, and fighting to innovate more and shift more of our workforce to knowledge work.
Image courtesy of Shutterstock.
Join the legend of non-fiction in conversation with best-selling author and poker pro Maria Konnikova.
China moves to Russia and India takes over Canada. The Swiss get Bangladesh, the Bangladeshi India. And the U.S.? It stays where it is.
What if the world were rearranged so that the inhabitants of the country with the largest population would move to the country with the largest area? And the second-largest population would migrate to the second-largest country, and so on?
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Most of Stonehenge's megaliths, called sarens, came from West Woods, Wiltshire.
Discovering Stonehenge's signature<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzUyOTYyMy9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0MzQ2NDc3Nn0.zb-izy2gdpzY5RboUnWumoX1XqP7WgqqkfANYnMkRSA/img.jpg?width=1245&coordinates=0%2C726%2C0%2C-4&height=700" id="a041b" class="rm-shortcode" data-rm-shortcode-id="9872216ca30ec9e5628b8e91f32b5b6b" data-rm-shortcode-name="rebelmouse-image" />
In 1958, engineers undertook the task of re-erecting a Stonehenge trilithon that fell in 1797. Three cores drilled into a sarsen disappeared soon after.
For every answer, another question<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzUyOTYyNy9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTU5NzI5NDEzNX0.iNRlen_VApo2Hw6SPd_eiVodaG3UpEb00yD4GX_9JgU/img.jpg?width=1245&coordinates=0%2C164%2C0%2C1&height=700" id="e4fe1" class="rm-shortcode" data-rm-shortcode-id="157f21a6e304f7f50ebec55e2e53e505" data-rm-shortcode-name="rebelmouse-image" />
A view of Stonehenge during the Summer Solstice.
(Photo: Wikimedia Commons)<p>Thanks to Nash and his team, scientists now know the source of Stonehenge's sarsens. This clue can help them solve other Stonehenge mysteries. That most of the stones were sourced from one location, the study notes, suggests that they were erected at about the same time. It also reveals the routes the Neolithic builders had to traverse with their heavy loads.</p><p>But questions remain. Why did the builders choose West Woods when the Salisbury Plain is dense with sarsen? Why were two megaliths (Stones 26 and 160) sourced elsewhere? And were the missing stones gathered from West Woods or elsewhere? </p><p>These questions only touch on the sarsens. The question that intrigues so many of the monument's visitors remains hotly debated: Who built Stonehenge and why? Was it a <a href="https://www.theguardian.com/science/2013/mar/09/archaeology-stonehenge-bones-burial-ground#:~:text=Stonehenge%20may%20have%20been%20burial%20site%20for%20Stone%20Age%20elite%2C%20say%20archaeologists,-This%20article%20is&text=Centuries%20before%20the%20first%20massive,a%20theory%20disclosed%20on%20Saturday." target="_blank">burial site for the Stone age elite</a>? <a href="https://www.sciencedaily.com/releases/2012/06/120622163722.htm" target="_blank">A monument marking British unification</a>? <a href="https://www.theguardian.com/science/2015/mar/15/circular-thinking-stonehenges-origin-is-subject-to-new-theory" target="_blank">A Druid Mecca</a>? We don't know, but as scientific tools advance, we may be able to break the prehistoric silence that has laid over Stonehenge for so long.</p>