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Bonus Quotation of the Day…

… is from page 74 of the original edition of Todd Buchholz’s 1989 volume, New Ideas from Dead Economists:

51hKns9CvUL._SX327_BO1,204,203,200_When economies turn inward, they almost always turn downward.  There is no such thing as an inward and upward spiral in economics.

DBx:  Yes.  Without question.

Although it’s a much-used argument by economists, the argument remains true and useful: If it is true that increased riches are generally available for the people of a country who cut themselves off from trading with the people of other countries, it must also be true that further riches are available for the people of a town who cut themselves off from trading with the people of other towns – and, yes, it, too, must also be true that yet greater riches are available for the people of a household who cut themselves off from trading with the people of other households.  Of course, almost no one believes that households or towns are enriched by household or town protectionism scarcityism.  Yet a large number of people mysteriously believe that nations are enriched by national scarcityism.

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