A 'Gorgeous' Distinction
20 December 2006
Editor, The Washington Post
1150 15th St., NW
Washington, DC 20071
Dear Editor:
Concerned about America's current-account deficit, Robert Samuelson says that "America has gorged on imports" ("The Economy's Rebalancing Act," Dec. 20). To "gorge" implies gluttony or irresponsible consumption. In fact, however, at least half of America's imports are intermediate components, raw materials, and capital goods. These imports do not gratify immediate consumer cravings but, instead, enhance American firms' productivity.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Editor, The Washington Post
1150 15th St., NW
Washington, DC 20071
Dear Editor:
Concerned about America's current-account deficit, Robert Samuelson says that "America has gorged on imports" ("The Economy's Rebalancing Act," Dec. 20). To "gorge" implies gluttony or irresponsible consumption. In fact, however, at least half of America's imports are intermediate components, raw materials, and capital goods. These imports do not gratify immediate consumer cravings but, instead, enhance American firms' productivity.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Posted by Don Boudreaux on
Friday August 31, 2007 at 8:36am