In the modern world, it is not tariff reduction but regulatory harmonization that is required for grasping increased benefits from the world division of labor. We need to work to level up rather than level down or level stupid, but we need to work to level the regulatory landscape. The Brexit hope is for a free-trade zone with the United States but also with "national sovereignty" over regulatory matters. That is just not how it works:The real issue at the back of "free trade" is regulatory convergence.
Grasping Reality
In the modern world, it is not tariff reduction but regulatory harmonization that is required for grasping increased be...
Brad DeLong | Professor of Economics, UCAL Berkeley
