The consequences of which, as I illustrated above, means inside the EU bloc we produce more of the goods and services over which we do not have the comparative advantage, and fewer goods and services over which we do. Or to put it in even simpler terms, we produce an excessive amount of the things we are less good at producing, and insufficient amount of the things we are better at producing.
What about a post-Brexit
It’s worth mentioning too that growth of non-EU economies has outpaced the growth of EU economies in recent years, and looks set to continue at an even greater extent, which means future indication is that leaving the EU would free up Britain's non-EU trade potential, enriching us along the way (since we've had a floating exchange rate the balance of trade is less important than it used to be, as a trade deficit simply means we are up on consumption, which is the primary benefit of trade). A situation in which we treat the most emerging countries like China, Brazil, India and Russia less distantly and patronisingly in deference to Brussels is highly likely to be beneficial to the future UK economy, particularly with our proficiency in exporting services such as in education, digital technology, neuroscience, financial and litigation expertise and the sciences as we are well poised to do.
Note: I haven't mentioned immigration, but will do so in an imminent blog post.
* To give you a microcosmic example of the cost of overly-bureaucratic
political interference by looking just at America, Dan Mitchell of
International Liberty (who is about as well researched as anyone on these
matters) shows how Americans spend 8.8
billion hours every year filling
out government forms, how the economy-wide
cost of regulation is now
$1.75 trillion, and how for every bureaucrat at a regulatory agency, 100
jobs are destroyed in the
economy’s productive sector.