Bonus Quotation of the Day…
by Don Boudreaux
on May 27, 2021
… is from page 23 of Scott Lincicome’s excellent, data-rich January 2021 study, “Manufactured Crisis: ‘Deindustrialization,’ Free Markets, and National Security“:
Protectionism often undermines national security by weakening a country’s economy and manufacturing sector, thus making it less resilient in the face of war or other shocks. Restrictions on international trade and investment not only reduce economic growth (and thus tax revenue)and output but also can distort the economy and divert resources from sectors (e.g., high-tech, high-productivity industries such as information technology) that are also essential to national security.
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