On Trade Deficits

The depths of people's ignorance regarding trade deficits is just shocking. To clarify this issue, Julian Sanchez gives a link on the Reason Blog to this page. It starts of with a real world account of trade deficits by using an analogy between trade among nations with trade between the author of the article and Barnes & Noble, the rest of the article is also worth reading. There's another great post regarding trade deficits by The Angry Economist.