“Buy Local” Is Stupid, Too

Here are two totally intuitive common sense arguments:

“Buying local is better than buying from a chain store—the money stays in the community.”

“New products only benefit the inventor—the money he receives necessarily reduces the money available to other producers.”

Both are intuitive and common-sense. Both are wrong. Both illustrate an additional fallacy—that economics is “just common sense.”

via Cafe Hayek: Following the money.