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Quotation of the Day…

… is from page 277 of Gary Becker’s and Guity Nashat Becker’s 1997 book, The Economics of Life [bracketed remark original to the Beckers] (link added):

For centuries domestic producers in many countries have exaggerated the unfair practices of other nations to obtain protectionist legislation that helps them prosper at the expense of consumers.  More than 200 years ago, Adam Smith criticized trade retaliation in his The Wealth of Nations: “It seems a bad method of compensating the injury done to certain classes of our people [because of import duties by other countries] to do another injury to ourselves, not only to those classes, but to almost all the other classes….”


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