I do not have the tools to get into the should we save my maternal home town of Port Talbot’s main industry. In a world of massive subsidy and zombie industries it is hard to argue subsidy as anything but a bottomless pit look at the banks. Equally losing whole industries and relying on a Financial Parasite that could turn round and say it owes Bns tomorrow is hardly reassuring.
Nonetheless it does shine a light on conventional economics and the idea stretching back to Ricardo of Comparative Advantage. Essentially this ends up stating the workers of Port Talbot will now move to an industry that they have a trading advantage in.
Yes it’s utter shite and you need a PhD in ‘conomics to argue differently.