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Well, we don't think for a moment that either the U.S. or Australia are out to damage the New Zealand economy, but if there were a sustained period in which they had a free-trade agreement and New Zealand didn't have that same arrangement with the States, that could be both trade- and investment-distorting. ↗
#arrangement #australia #both #could #damage
If a man were living in isolation his income would be literally his product. Make him the monarch and owner of an island, and the fruits that he raises and the clothing that he makes constitute, in themselves, his income. This ceases to be true when trading begins. ↗
#begins #ceases #clothing #constitute #fruits
The decree of a coercive tribunal would not need to conform to the true standard of wages, the final productivity of social labor. It would introduce into distribution a genuinely arbitrary element, with a very large ultimate power to pervert the natural system. ↗
We cannot afford to have any large section of the business world in doubt whether they have broken the laws or not, and we cannot let the laws become a dead letter through vagueness. In this view it is clear that an administrative commission can render invaluable service. ↗
