Just because it doesn't fit in a box...

Listen to the podcast "What's wrong with exporting services?" from the March 17, 2018 episode

The US only has a trade deficit with Canada if you exclude services, but the President seems to think that only exports of goods are important. Excluding services is a ridiculous way to count economic output. Can we all just take a minute to reflect on the anachronism of thinking that goods are somehow better outputs than services? Any parent who has ever encouraged their kid to become a doctor, lawyer, or engineer has revealed a preference for providing services. 

Goods and services need one another -- you can't build a bridge without designing it, too. Someone makes a pair of shoes, and someone else sells them. Boeing can build an airplane, but Delta has to fly it. Just because something doesn't fit inside a box doesn't make it an unworthy export.

 
Brian Gongol

Brian Gongol

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