In my recently published paper, “Should Trade’s ‘Losers’ Be Compensated?: An Exploration of the Welfare Economics of the Losses and Costs of Economic Change” (Journal of Law, Economics and Policy, 2022) I argue that the risk of job loss for each worker in an exchange economy such as ours is the price that he or she voluntarily pays in order to reap the enormous benefits available to each person who participates in this economy. This price is no different from any other price that is voluntarily paid in exchange for something of greater value.

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