Tue, May 13 2008
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Published April 30, 2008 02:35 pm - Business column Change is natural part of growing economy By Arthur Foulkes THE TRIBUNE STAR (TERRE HAUTE, Ind.) Imagine you live on a South Pacific island with just five families.
Each family specializes in a different line of work. One family fishes; one makes and repairs huts; one gathers fruit; one makes weapons for protection from wild animals; and one family walks to a spring high in the hills to gather and deliver fresh water. Over time, thanks to specialization and investment in new tools, each family gets more and more efficient at its job and island productivity increases. With greater productivity comes higher standards of living because each person on the island is able to give more and receive more goods in trade. Things are fine on the island until one day an earthquake shakes things up and a fresh water spring appears right in the middle of the village. Everyone suddenly has an abundant and easy supply of fresh water. This may come as a nasty shock to the family that gathered water for a living, but even they can take advantage of the new spring. The families on the island now have one less item they must purchase in their weekly shopping, leaving more resources left for other things. Of course, the water-gathering family must now find another way to earn a living. They may decide to make clothing, weave hammocks or open a theater. Whatever they decide, the new product they produce will add to the wealth and quality of life on the island. Unfortunately, in America, when lower-cost goods arrive on our shores, things sometimes happen differently. Organized interests, such as shrimp producers, sugar producers, steel producers and many others, complain of “dumping” and force importers to charge higher prices. It would be as if the water-gathering family could force the new spring to be closed over. 
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