Ken writes ... 

 Hi Mish

I really enjoy your explications of economic ideas, and I think the world really needs them, since many are so economically illiterate. 

I do have a question about free trade and loss of capital. My father and uncle both trained at Detroit's illustrious technical high school. My dad went on to college and became a physiology researcher and professor, my uncle developed a state of the art machine shop making rocket engine parts. 

When job and factory loss occurs there is also loss of the physical capital of the legacy tools and machines, and not all of them are worthy of obsolescence. In addition there is the loss of human capital embodied in persons and organizations...