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Does open trade make us more vulnerable to disasters?
In general as a production process gets more complex and requires many specialised and non-substitutable inputs, it is more vulnerable to disruption. This is proposed as a cause of collapse for many...
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Get complex, get rich, get robust
At least the Japanese can video conference when their bullet trains break In my last post I discussed the short and medium run effects of increased trade and specialization on a society’s robustness....
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DIY recession insurance
Between 2000 and today Australia saw its ‘terms of trade’ nearly double. That is to say, the things Australians buy from overseas have halved in price relative to the things we sell. The key reasons...
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