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Bonus Quotation of the Day…

… is from page 57 of the July 1961 edition of Harvard economist Gottfried Haberler’s A Survey of International Trade Theory (links added):

Those economists who were not satisfied with the contention of the theoretical possibility of successful and advantageous infant industry protection, but who took the pains to examine the policy as it works out in practice – for example [Frank] Taussig and [Alfred] Marshall, the latter making a special trip to the United States to study the practical implementation of [Henry] Carey’s theories – were soon disillusioned and have come to rather skeptical conclusions.

DBx: Reality often serves as a sobering check on theoretical flights of fancy.


Pictured above is the great Cambridge economist Alfred Marshall.


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