EH.Net Mailing List Archive: HES

"The "modern economic system" produces nothing. Echoing  John  
Medaille's point that Portugal produces nothing - traders do,  a  
modern economic system produces nothing - people do."  
  
Pedants should be forced to read both volumes of James Meade's  
two-volume Theory of International Economic Policy.  There indeed,   
countries do nothing.  All economic activity is carried out by   
`residents of country A' or `residents of country B'.  This is   
absolutely correct and, I've always suspected, is one reason this   
important work has been widely ignored.  
  
June Flanders