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Quotation of the Day…

… is from page 278 of 1992 Nobel-laureate Gary Becker’s and Guity Nashat Becker’s 1997 book, The Economics of Life:

Although many factors contributed to its [Great Britain’s] decline as an economic power in the 20th century, surely part of the blame goes to workers and owners who hid their desire for protection behind demands for retaliation. The U.S. should learn from Britain’s experience and reject the seductive calls for a level playing field and fair trade. The gain to American consumers and to the efficiency of the U.S. economy are reasons enough for following an open-trade policy – even when other countries do not.


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