Bonus Quotation of the Day…

by Don Boudreaux on May 16, 2018

in Trade

… is from page 75 of Richard Epstein’s monumental 1985 volume, Takings (footnote excluded):

Any restriction that in form restricts only disposition by the owner perforce limits the rights of others to acquire property in exchange for their cash, property, and perhaps labor.

DBx: Exchange – trade – is by nature two-sided. Governments typically peddle their trade obstructions to the general public as obstructions imposed only on some demonized party, such as “foreigners.” But in fact any obstruction on a seller to sell is necessarily also an obstruction on a buyer to buy.

Americans who cheer – or who even tolerate – Uncle Sam obstructing non-Americans’ abilities to sell goods and services to Americans are unwittingly cheering (or at least tolerating) Uncle Sam’s obstructions on Americans’ abilities to buy goods and services.


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