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20 июля, 14:33

Quotation of the Day…

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(Don Boudreaux) Tweet… is from page 529 of Douglas Irwin’s great 2017 book, Clashing Over Commerce; Doug quotes President Lyndon Johnson’s recollection, in LBJ’s 1971 memoirs, of his administration’s involvement in the Kennedy Round of trade talks – a round of trade talks that resulted in a further opening of global markets, including America’s (citation omitted): Johnson […]

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20 июля, 03:14

A Protectionist is Someone Who…

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(Don Boudreaux) Tweet… is fond of denying that the ultimate end of economic activity is consumption. As a protectionist, he wishes to promote his favored producer activity as being no less an end – indeed, as perhaps being an even higher-ranking end – than is consumption. The reason, of course, is that if the protectionist can persuade […]

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19 июля, 20:32

The Playing Field that Needs Leveling is the One on the Potomac

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(Don Boudreaux) TweetHere’s a letter to someone who describes himself as “frustrated” by my “hostility to American interests.” Where this man got this notion is beyond me. Mr. Richard Crowe Mr. Crowe: With respect, I tire of people trying to justify tariffs by asserting that these trade restrictions are a means of “leveling the playing field” of […]

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19 июля, 17:43

Some Links

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(Don Boudreaux) TweetMy intrepid Mercatus Center colleague Veronique de Rugy isn’t surprised that Trump’s protectionism scarcityism is harming many U.S. producers who once fancied that they’d benefit from these U.S.-government-imposed penalties on American consumers. Here’s her conclusion: The bottom line is that a government that’s powerful enough to protect some producers against foreign competitors is powerful enough […]

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19 июля, 13:31

Quotation of the Day…

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(Don Boudreaux) Tweet… is from pages 176-177 the 1987 Liberty Fund edition of the Correspondence of Adam Smith; specifically, it’s from Smith’s September 20th, 1774, letter to Dr. William Cullen: A degree can pretend to give security for nothing but the science of the graduate; and even at that it can give but a very slender security. […]

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19 июля, 03:48

Yet One More Reason to Question the National-Defense Exception to the Case for a Policy of Free Trade

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(Don Boudreaux) TweetAlthough the overwhelming motivation for protectionist policies is cronyism – that is, the desire to protect select, existing domestic firms and jobs from foreign competition – a great many calls for protection are also wrapped, for good political measure, in the flag. “This industry is vital for the national defense!” insist those who squawk for […]

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19 июля, 00:07

Bonus Quotation of the Day…

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(Don Boudreaux) Tweet… is from George Ball, Undersecretary of State in the Kennedy administration, as quoted on page 523 of Douglas Irwin’s monumental 2017 book, Clashing Over Commerce: The concept that we must protect every American industry against the adjustments required by competition is alien to the spirit of our economy. DBx: Indeed, the concept that we […]

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18 июля, 16:16

Predation Never Justifies Predation

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(Don Boudreaux) TweetHere’s a letter to a reader of Cafe Hayek: Mr. Josh Henderson Mr. Henderson: Thanks for your e-mail. You ask which government – the U.S. or the Chinese – I believe to be most responsible for today’s trade tensions. My answer is both. Both governments obstruct with tariffs and subsidies their citizens’ freedom to trade […]

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18 июля, 13:37

Quotation of the Day…

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(Don Boudreaux) Tweet… is from page 115 of my colleague Bryan Caplan’s great 2007 book, The Myth of the Rational Voter: Although initially jarring, it is coherent to assert that people are rational in some areas but not others. Irrational beliefs probably play a role in all human activities, but politics makes the “short list” of areas […]

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17 июля, 22:08

Costs are Not Benefits

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(Don Boudreaux) TweetHere’s another letter to my arch-protectionist correspondent Nolan McKinney: Like you, I read in the Wall Street Journal that Trump’s tariffs on washing machines are prompting Samsung and LG to consider opening factories here in the U.S. Unlike you, I do not regard the jobs that will be created in those factories as a “benefit” […]

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17 июля, 13:48

Quotation of the Day…

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(Don Boudreaux) Tweet… is from page 4 of Alan Reynolds’s excellent 2006 book, Income and Wealth (original emphasis): The two young founders of Google, Larry Page and Sergey Brin, quickly made something like $12 billion each by greatly facilitating our information, education, and shopping efficiency. Why should anyone care how much money the founders of Google, Apple, […]

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17 июля, 03:14

Bonus Quotation of the Day…

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(Don Boudreaux) Tweet… is from pages 555-556 of  Francis Ysidro Edgeworth‘s December 1908 article in the Economic Journal titled  “Appreciations of Mathematical Theories” (footnote deleted; original emphasis); the Bickerdike who Edgeworth refers to is Charles F. Bickerdike, who refined, in early 20th-century papers, the formal theory of the optimal tariff: Thus the direct use of the theory [of […]