Quotation of the Day…

by Don Boudreaux on April 25, 2018

in Competition, Creative destruction, Growth, Reality Is Not Optional, Trade

… is from page 231 of my great teacher Leland Yeager’s, and David Tuerck’s, superb and still-relevant 1966 book, Trade Policy and the Price System; Leland died on Tuesday at the age of 93:

Free trade would change the pattern of production in the United States; no supporter thinks otherwise. Shifts of labor and resources out of some industries into others are essential to reaping its benefits…. A comprehensive program of protection against the need for change would be a program for economic stagnation. Industrial deaths as well as births are part of a progressive economy.


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