> Maybe we can correct (economic) future by simply insourcing some goods and therefore work and forget about the knowledge society boloney?
WE do insource some goods – where we have comparative advantage, or where the cost of trade negates the benefits of trading with someone who produces it at lower opportunity cost. Insourcing beyond that draws the production possibilities curve inward, making us (and our trade partners) poorer.
Generally, this is a losing deal. It is possible that there are incidental distributional advantages, so that it makes us poorer in aggregate but distributes returns in a way which reduces harms from the current distribution. But that’s not obviously generally the case, and in any case without clear and overwhelming evidence that this would be the effect I’d rather just attack distribution from a position of greater aggregate prosperity than start lopping off prosperity and hoping better distribution came out of it.
WE do insource some goods – where we have comparative advantage, or where the cost of trade negates the benefits of trading with someone who produces it at lower opportunity cost. Insourcing beyond that draws the production possibilities curve inward, making us (and our trade partners) poorer.
Generally, this is a losing deal. It is possible that there are incidental distributional advantages, so that it makes us poorer in aggregate but distributes returns in a way which reduces harms from the current distribution. But that’s not obviously generally the case, and in any case without clear and overwhelming evidence that this would be the effect I’d rather just attack distribution from a position of greater aggregate prosperity than start lopping off prosperity and hoping better distribution came out of it.