Highly unequal wages and prices (disequilibria) cannot persist when labor and goods are mobile; trade and migration drive wages and prices toward equilibrium across countries, which is the mechanism trade harnesses and tariffs impede.

causalpending

Speaker

Howard Marks

Evidence Quote

Highly unequal wages and prices... can't persist if things like labor and goods are mobile. That's trade at work.

Source

More on Repealing the Laws of EconomicsOaktree Capital
Created: 6/18/2026, 2:18:14 PM

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