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Quotation of the Day…

… is from page 118 of Robert Tollison’s and Thomas Willett’s 1979 paper “Foreign Investment and the Multinational Corporation,” which is chapter 7 of the 1979 collection Tariffs, Quotas & Trade: The Politics of Protectionism:

The primary problem with the employment impact debate is that the disputants talk almost exclusively about job creation and destruction in the short run and ignore the long run. In a dynamic economy, however, changes are always occurring. Demand rises in some areas and falls in others, causing employment opportunities to expand in some industries and decline in others. The job creation and destruction associated with international trade and investment should not be viewed in isolation, but rather as part of a perpetual reallocation of resources, responding to domestic as well as to international developments.


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