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Quotation of the Day…

… is from page 11 of Pierre Lemieux’s essay “Trade and Adjustment Costs,” which appeared in the Fall 2016 issue of Regulation:

How do we know that free international trade creates general prosperity? Because the argument is exactly the same for free domestic trade. Domestic trade between, say, Vermont and California can cause disruptions and shocks. Taxi drivers in Vermont are certainly disrupted by Uber. Cheese manufacturers in Vermont are potential disrupters for their California competitors. Creative destruction is necessary for prosperity. This is no less true at the international level.


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