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Bonus Quotation of the Day…

Tweet [1]

… is from page 13 of Douglas Irwin’s new, vital 2017 volume, Clashing Over Commerce [2] (footnote excluded; link added):

The interdependence of exports and imports has long been recognized.  A proposition known as the Lerner Symmetry Theorem [3] holds that a tax on imports is equivalent to a tax on exports.  In effect, by levying a tax to restrict imports, policymakers are also levying a tax that restricts exports.

DBx: Pictured here is Abba Lerner [4] (who, although a man of the left, studied at the L.S.E. under Hayek. [5])