Comment by thomasz
10 hours ago
But price elasticity isn't infinite. A large part of the middle class would be priced out of most modern amenities if these would be produced domestically. Import substitution is one of these things that sounds nice in theory but tend to be highly damaging in practice.
This isn't necessarily true. A big factor when production comes back home is that so do the jobs that come along with it and that has a huge ripple effect on the economy that's difficult to evaluate, other than it being a very good thing.
Maybe regulators will have more jobs to regulate and regulators will profit.
> A large part of the middle class would be priced out of most modern amenities if these would be produced domestically.
Who said everybody would get to keep buying as much cheaply made foreign crap as before? From an environmental perspective that's arguably a win as well. Reducing both pollution from construction and transport.
That's a measurable qualify of life decrease as well for many people. Some things they just won't be able to buy anymore. Things they may require, but you claim its ok to go without because it helps the environment. Sounds dystopian.