View Single Post
Old Aug 9th 2019, 04:57 AM
Tom Palven Tom Palven is offline
Cranky Curmudgeon
Join Date: Nov 2010
Posts: 2,058
Default Re: A Case for Free Trade

In their classic work, The Calculus of Consent: Logical Foundations of Constitutional Democracy, 1962, p. 250, James Buchanan and Gordon Tullock stated that:

"...the simple fact is, of course, that in normal trade all parties gain; there exist mutual gains from trade. The great contribution of Adam Smith lay in his popularization of this simple point..."

And yet, Trump is now promoting protectionism.

It should be pointed out that many economists believe that the Smoot-Hawley Tariff Act of 1930 exacerbated what may have been a typical blip in the business cycle and help promote The Great Depression.
Voltairian individualist on the Lunatic Fringe of the Radical Center
Reply With Quote