Source: EconLog
by Jon Murphy
“Humans work in groups all the time. Indeed, I argue we are stronger because of it. Specialization and trade allows for a team to achieve things no individual could accomplish on their own. Economists since Adam Smith have highlighted the group efforts needed to produce even simple things such as wool coats, pencils, and bread. Indeed, liberals have long celebrated the ability for people to cooperate without explicit coordination! However, these collectives sometimes get blended together. What is good for one group is often asserted to be good for another. Or that there is some overarching group, and all other groups are subsumed into that group. Again, what is good for that overarching group is asserted to be good for all its parts. We see this particularly in international trade, and with protectionism in particular.” (01/14/25)