Plasma Televisions are not Buggy Whips
Last week, on my second appearance
on CNBC's Squawk Box, host Mark Haines mischaracterized my position
that the U.S. could not hope to pay for imports solely through
reliance on the service sector, as my advocating that the U.S.
return to the equivalent of a "Buggy Whip" economy.
(His analogy is a reference to the classic economic example of
"creative destruction," whereby the invention of a
new technology, in this case the automobile, results in the displacement
of a mature industry, in this case manufacturers of whips for