Sukses Main Mahjong Ways Best808 Pahami Scatter dan Kombinasinya Mahjong Ways Best808 Simbol Scatter Meningkatkan Peluang Menang Kesalahan Umum Pemain Mahjong Ways di Best808 Auto Jackpot Strategi Terbaik Fitur Scatter Mahjong Ways Best808 Mahjong Ways Best808 Panduan Scatter Wild Hasil Maksimal Pola Mahjong Ways Best808 Gacor Scatter Menang Bongkar Misteri Mahjong Ways Best808 Kunci Kemenanganmu Mau Cuan Maksimal di Mahjong Ways Best808 Trik Menggunakan Scatter Agar Lebih Untung Main Mahjong Ways di Best808 Kenali Pola Scatter Free Spin Gandakan Kemenanganmu Rahasia Scatter Mahjong Ways Best808 Strategi Jitu Menang Jackpot Besar Misteri Scatter Mahjong Ways Tol777 Kunci Jackpot Besar Bongkar Rahasia Mahjong Ways Tol777 Fitur Scatter Pola Menang Mahjong Ways Tol777 Simbol Scatter Kemenangan Besar Main Mahjong Ways di Tol777 Cara Memanfaatkan Scatter Strategi Mahjong Ways Tol777 Rahasia Scatter Trik Menang Jackpot Analisis Pola Permainan Mahjong Ways Keunggulan Mahjong Ways Tol777 vs Tradisional Kombinasi Simbol Tertinggi Mahjong Ways Langkah Meningkatkan Keahlian Mahjong Ways Mahjong Ways Tol777 Berbeda dari Permainan Mengapa Mahjong Ways Tol777 Diminati Dunia Optimalkan Putaran Mahjong Ways Tol777 Sejarah Mahjong Ways Tol777 dan Keunikan Simbol Mahjong Ways Tol777 dan Pemanfaatannya Strategi Lanjutan Mahjong Ways Tol777 Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Cara Cepat Kuasai Mahjong Ways Tol777 Mengapa Mahjong Ways Tol777 Populer Mitos & Fakta Mahjong Ways Tol777 Strategi Pemula vs Pro Mahjong Ways Teknik Profesional Mahjong Ways Tol777 Mahjong Ways Tol777: Keberuntungan atau Skill? Mahjong Ways Tol777: Tradisi dan Inovasi Panduan Mahjong Ways Tol777 untuk Pemula Rahasia Menang Mahjong Ways Tol777 Tips Efektif Main Mahjong Ways Tol777 Kasino Online Kasino Online Kasino Online Kasino Online Kasino Online Kasino Online Kasino Online Kasino Online Kasino Online Kasino Online main mahjong ways di malam hari jackpot profit mengamati permainan mahjong ways dengan baik dan benar merasa bosan pada malam hari? coba cara bermain mahjong ways ini minum kopi memotivasi bermain mahjong ways nelayan tebing tinggi pola mahjong ways hasil mencengangkan pelajar bandung download mahjong ways peluang besar trik dan pola mahjong ways pemuda belanda tato mahjong ways mengenang jackpot satu miliar pola rtp mahjong ways terbaik resep bermain mahjong ways dengan mudah slot mahjong ways dikenal sejak abad ke-11 hingga zaman milenial video mahjong ways viral menghebohkan warga indonesia warga jayamakmur dulu diremehkan, bermain mahjong ways hidup berlimpah harta unik keren bali cendera mata mahjong ways rp100000 warga bingung merek cat dinding sama mahjong ways RTP LIVE RTP LIVE RTP LIVE RTP LIVE RTP LIVE RTP LIVE RTP LIVE RTP LIVE RTP LIVE RTP LIVE

Taking a Long-Term View to Evaluate Trade, Market Policy

050320221646477486

As I write this article in late November of 2018, the stock market has fallen significantly from its recent highs.  These losses, which have erased nearly all the gains made thus far in 2018 push us toward official correction territory for both the DOW and NASDAQ for the year.

These figures are attention-grabbing, and their import should not be understated. However, the relative importance of these shifts should not be overstated either. Modest retreats (from a percentage change perspective) from all-time highs achieved after what has essentially been a nine-year bull market run need not have us running for the hills. So, how should we view the recent market contraction?

All else being equal, we should prefer higher stock valuations relative to lower ones, as rising equities represent increasing wealth and investor optimism and more ready capital for businesses to grow and invest.

But too many observers act as if the purpose of sound economic policy is to drive ever-higher stock market valuations, and this is precisely backwards. We should, of course, support policies that lead to robust economic growth, such as the 2017 tax reform that is likely driving the current upswing in GDP seen in the last few quarters. It is also likely that the reduction in corporate taxes and the simplification of the tax code, has contributed to the recent market euphoria.

However, it is vital to remember that we should support policies because they promote economic growth, investment, and economic empowerment through job creation, not simply because they may also contribute to an existing bull market, which is a secondary policy effect.

This may seem like a modest distinction, but here is where it becomes vital.  We should not support policies only for their expected positive market impact.  Similarly, we should also not necessarily oppose all policies simply because they may negatively impact the market. As a capitalist, investor, and business man, I obviously prefer strong and growing asset values.  The federal government should avoid counterproductive polices that drive down the value of investments held by over half of the country directly or indirectly through their investments and retirement accounts.

The growing desire in progressive political circles to punish success, to “take down the 1%” as a political end in and of itself is very troubling. But what about policies that involve a legitimate tradeoff between increasing investor wealth and serving the interests of working men and women?

As an example, let’s consider the recent $250 billion tariffs imposed on Chinese goods and the threat to impose an additional $250 billion dollars in 2019. Some pundits have argued that these tariffs and the associated uncertainty have contributed to the recent sell offs in the market. This may be correct. Generally, we should oppose obstacles to trade as free markets are strongly linked with long run prosperity. But the simple fact that these tariffs may have contributed to recent sell offs is not by itself a sufficient reason to oppose them, particularly if they are likely to pay economic dividends down the road or make significant progress toward other policy goals.

If the imposition of tariffs and threats for more are used to successfully eliminate existing barriers to trade, or to make China finally begin enforcing patent laws, the benefits of these policies could easily offset the temporary costs to our country. While the benefits of the current tariff regime are largely major business interests, American workers would also benefit by expanding markets for their goods and services, and by protecting the intellectual property underpinning the goods they produce.

Rest assured, I have not suddenly become a proponent of progressive social engineering or an advocate of class warfare. I will even concede that most policies advocated by populist politicians of the right or left end up causing far more harm than benefit. What I am arguing is that the artificial narrowing of our perspective when examining economic issues to only consider their economic impacts and potentially unrelated short-term market fluctuations is foolish.

Policies should be evaluated using a long-term time view and consider the total impact across a range of national objectives, including national security, social cohesion, economic empowerment, and how the policy would help urban and rural communities thrive. Every one of these national priorities is affected by our economic policies, and none of them are fundamentally altered by short-term fluctuations in equity markets.

So, the next time you read an article that judges the current (or any) administration’s actions by looking at short-term market volatility, ask yourself whether the author has considered the long-term effect of the policy in question. Far too often, it is obvious that they have not.

Damon Dunn is a fellow in business and economics at the Pacific Research Institute.

Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.

Scroll to Top