Quotation of the Day…
by Don Boudreaux
on August 27, 2018
… is from Arnold Kling’s essay “International Trade,” which is a chapter in the Concise Encyclopedia of Economics (David Henderson, ed.):
An economy that is closed to trade is one in which inefficient industries and laggard firms are well protected. In fact, studies suggest that barriers to trade are a major cause of extreme underdevelopment. The countries that are most closed to trade tend to be the poorest in the world. Countries that have reduced trade barriers and increased the share of imports and exports in their economies tend to be among the fastest-growing nations.
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