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  • Cordell Hull, U.S. Secretary of State, 1933-1944; Nobel Peace Prize winner, ardent free trader

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    Luis Enrique

    Ben, I have made this point on other blogs, so sorry for being repetitious* ... but don't the relative price movements described by Broda and Romalis also tell us that the consumption bundle of the rich and got much less affordable for the poor? That is, if the poor wanted to purchase some of the rich people's lifestyle, and were perhaps contemplating saving up or working harder, they've got to make much greater sacrifices. If some of the items in the rich person's conumption bundle are a good education, good healthcare, and a home in a safe neighbourhood, this is a double edged sword: does the fact that the poor can now afford more cheap food, electrical gadgets and clothing compensate for the lifestyle of the wealthy having moved further out of reach?

    * and nobody seemed very interested then, which might just go to show I am mistaken or the argument is uninteresting.

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