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Quotation of the Day…

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… is from page 324 of Columbia University economics professor Arvind Panagariya’s superb 2019 volume, Free Trade and Prosperity [2] (link added):

Just as the French economist Frederic Bastiat said 170 years ago in his brilliant book Economic Sophisms [3], proponents of free trade have to work a lot harder to defend their case than their opponents. They must expose the falsehood of the conclusions derived from half-truths by the latter while also producing positive evidence in support of their case….

The cross-country evidence gathered in this volume reveals a strong association between trade openness and growth. Rapidly expanding trade almost always accompanies sustained rapid growth.

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