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… is from Pierre Lemieux’s recent EconLog post “Theatre of the Absurd: Godot, Trump, and Xi [2]“:
For more than two centuries, economists have shown that protectionism hurts most of the residents of the country that is supposedly “protected,” irrespective of whether the governments of other countries do the same to their subjects or not. Joan Robinson, the famous Cambridge economist, suggested that retaliation is as sensible as it would be “to dump rocks into our harbors because other nations have rocky coasts.”
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