In an opinion column in the Wall Street Journal, economist Richard McKenzie of the University of California,
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In an opinion column in the Wall Street Journal, economist Richard McKenzie of the University of California, Irvine wrote: “If countries import goods that can be made more cheaply abroad than at home, and produce goods that can be made more cheaply at home than abroad, then all trading nations will end up with more income and wealth than if they tried to produce everything themselves.” Briefly explain his reasoning.
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