February 22, 2007 7:37PM

The Wisdom of Walter Williams

George Mason University's Walter Williams is a skilled economist who can spout jargon when necessary, but it is his ability to put economic principles in common-sense language that sets him apart from most of his peers. How many Americans would cease worrying about the trade deficit, for instance, if politicians copied Walter's words and explained that America and Japan (or China, or Germany, etc.) do not trade with each other:

When I purchased my Lexus, did I deal with the U.S. Congress, the Japanese Diet, George Bush and Shinzo Abe, or did I deal with Toyota and its intermediaries? If we erroneously think of international trade as occurring between the U.S. and Japanese governments, then all Americans, as voters, have a say-so. But what is the basis of anyone having a say-so when one American engages in peaceable, voluntary exchange with another person, be they Japanese, Korean, British, Chinese or another American?