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Bonus Quotation of the Day…

… is from page 123 of my late, great teacher Leland Yeager’s, and David Tuerck’s, superb and still-relevant 1966 book, Trade Policy and the Price System; this quotation occurs in Leland’s and David’s analysis of national defense as a rationale for tariffs and other protectionist measures:

A protected, semifrozen pattern of production and resource use might well prove out of date if war came. General economic strength and flexibility seem more important, even on narrow defense grounds, than hothouse cultivation of numerous individual industries for which the country is not especially well suited.