Tuesday, December 30, 2014

When the two islands finally made contact with one another, they instantly developed a robust trade in bongos and tanning oil. Each island used its competitive advantage to send the other island products that were more valuable overseas than they were at home. In this symbiotic arrangement, both islands benefited. Living standards rose...and well-toned drumming was achieved by all.

Peter D. Schiff and Andrew J. Schiff, How an Economy Grows and Why It Crashes (85)

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