Source: EconLog
by Jon Murphy
“Co-blogger Kevin Corcoran has an excellent recent blog post calling for rebranding the ‘trade deficit’ away from its misleading phrasing and toward the more accurate phrasing of ‘consumption surplus.’ My beloved professors Don Boudreaux and Dan Klein have a similar proposal as well. There is much merit in their arguments. I argue that the situation is even better than they propose. It certainly is true that consumption is the end goal of all production. Without consumption, production is valueless. We work in order to achieve some desired end, not the other way around. But what is also valuable is investment.” (05/01/25)
https://www.econlib.org/its-even-better-than-a-consumption-surplus/