Britain imports biscuits from Europe while simultaneously exporting British biscuits back across the same borders — economists call it intra-industry trade, and it happens because shoppers don’t just want biscuits, they want particular ones

The economics textbooks say countries should specialize and trade, but Britain and Europe keep shipping the same biscuits back and forth—because what matters isn't what you make, it's what shoppers insist on buying. The post Britain imports biscuits from Euro…