but tradables are absolutely essential. they seem less important only for countries that enjoy extraordinarily favorable terms of trade, that can issue currency and debt in exchange for tradable goods apparently without bound. it’s reasonable to predict that won’t last forever, though.

that said, i agree with you that the political anger is not about foresight into a less favorable trade regime, but derives from nontradables like housing, and we’d behave more capably and rationally if we defused that anger with eg good housing policy.