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Quotation of the Day…

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… is from page 362 of Paul Krugman’s article, in the May 1993 American Economic Review, “The Narrow and Broad Arguments for Free Trade [2]“:

Let me be clear from the outset that economists are basically right and the general public basically wrong about international trade. Those who criticize the professional conventional wisdom rarely do so because they have a serious alternative. Usually what their objections amount to is simply a failure to understand the idea of opportunity cost. And it is certainly disturbing when rewards are lavished on economists or self-described political economists who seem to pander to popular misconceptions.

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