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Quotation of the Day…

… is from page 417 of Edwin Cannan‘s remarkable 1927 collection, An Economist’s Protest:

Unknown-2“Heaven helps those who help themselves” is a good maxim, and we need not apply it only to wage-earners.  Economic pressure stimulates the profit-seeker also to beneficent exertion.

DBx: Trump and other protectionists do not understand this reality.  They believe – if their words are to be believed – that protecting firms from competition intensifies owners’ and managers’ interests in working hard and creatively to better serve consumers.  I wonder if Mr. Trump runs his private businesses in the manner implied by his protectionist mythology.  If so, he would assure each of his employees that each employee’s job is safe and secure, regardless of how he or she performs.  “I’m protecting you from competition so that you will have increased incentives to perform well,” says CEO Trump to his workers – not.  But Pres. Trump promises this protection in reality to American producers.