The Global Economy

Yesterday, a guest on Bloomberg Radio made two points (in bold):

First, there are virtually no economists who think free trade is bad. The specialized division of labor creates aggregate gains for all involved parties. Protectionism is reactionary and shortsighted. Tariffs should only be used when there is unfair (thus not free) trade.

Second, American companies which 'outsource' jobs to foreign countries are creating twice as many jobs domestically. 'Outsourcing' is deceptive buzzword; it describes the natural progression of a modern economy.