Tyler Cowen

It may mean your manufacturing employment shrinks, which has been the case in the United States. So the willingness to accept change and loss, I would say the United States is better placed than just about any other country in the world.

It may mean your manufacturing employment shrinks, which has been the case in the United States. So the willingness to accept change and loss, I would say the United States is better placed than just about any other country in the world.

Well, protectionism doesn't sound appealing to me. For one thing, it means higher prices for consumers, so it lowers living standards. But economists also put forward the basic insight that your imports and exports pay for each other. So there's a balancing out of trade over the longer run.

Well, protectionism doesn't sound appealing to me. For one thing, it means higher prices for consumers, so it lowers living standards. But economists also put forward the basic insight that your imports and exports pay for each other. So there's a balancing out of trade over the longer run.

And if you tax imports into your own country through a variety of mechanisms, you end up taxing your own exports. And you're also taxing the goods that are the inputs for your exporting firms. So you're hurting your own balance of trade, hurting your own job creation, and leading to a higher rate of inflation for your customers. What's so good about that?

And if you tax imports into your own country through a variety of mechanisms, you end up taxing your own exports. And you're also taxing the goods that are the inputs for your exporting firms. So you're hurting your own balance of trade, hurting your own job creation, and leading to a higher rate of inflation for your customers. What's so good about that?

Well, let's say you're making tractors in the United States. That's a major sector here and a major export sector. Those tractors rely on a lot of inputs from other countries, including, I think, steel. So if you put a tariff on steel coming into the United States, it's harder and more expensive for us to export tractors.

Well, let's say you're making tractors in the United States. That's a major sector here and a major export sector. Those tractors rely on a lot of inputs from other countries, including, I think, steel. So if you put a tariff on steel coming into the United States, it's harder and more expensive for us to export tractors.

So what you think you're taking with one hand, you're giving back with the other. And in the meantime, you have higher prices for most things.

So what you think you're taking with one hand, you're giving back with the other. And in the meantime, you have higher prices for most things.

We have the best talent. We have a relative degree of freedom. We have a tax system that is not confiscatory. We have the largest single market and the best immigrants from the world want to come here. And I think it's an edge. We have 50 different states you can live in. There's just a lot of choice and variety within the country. Many people prefer that.

We have the best talent. We have a relative degree of freedom. We have a tax system that is not confiscatory. We have the largest single market and the best immigrants from the world want to come here. And I think it's an edge. We have 50 different states you can live in. There's just a lot of choice and variety within the country. Many people prefer that.

English is the world's language to the extent we have such a thing, but also because we are a nation of immigrants. We're used to the notion that when you make something entertaining, it's supposed to entertain not literally everybody, but more than just, say, a small group of people in Denmark who all went to the same high school together.

English is the world's language to the extent we have such a thing, but also because we are a nation of immigrants. We're used to the notion that when you make something entertaining, it's supposed to entertain not literally everybody, but more than just, say, a small group of people in Denmark who all went to the same high school together.

There's a generality or universality to a lot of American culture, and it's positive and life affirming and forward looking for the most part. And much of the world likes those things.

There's a generality or universality to a lot of American culture, and it's positive and life affirming and forward looking for the most part. And much of the world likes those things.

They have a pretty favorable regulatory environment. Some of it is just what economists call path dependence. Once you're known for something, other people want to go there and do it, just like Hollywood is known as a center for entertainment, television, cinema. So people go to Hollywood. There's nothing special about the geography. Immigrants again, and just dynamism.

They have a pretty favorable regulatory environment. Some of it is just what economists call path dependence. Once you're known for something, other people want to go there and do it, just like Hollywood is known as a center for entertainment, television, cinema. So people go to Hollywood. There's nothing special about the geography. Immigrants again, and just dynamism.

So here is the place where you can think big. If you fail a first time, you're given a second chance. Norms in Europe are quite different from that. The venture capital markets are much better developed here. All of those factors working together.

So here is the place where you can think big. If you fail a first time, you're given a second chance. Norms in Europe are quite different from that. The venture capital markets are much better developed here. All of those factors working together.