… is from page 113 of the 2015 Fourth Edition of Dartmouth economist Douglas Irwin’s superb book Free Trade Under Fire:
It is sometimes said that free trade is right in theory but wrong in practice. Actually, the opposite is true. Any clever graduate student in economics can quickly come up with half a dozen reasons why free trade fails as a theoretical proposition. In theory, lots of things can happen. In practice, the economic benefits of trade and the costs of protection are tangible.
DBx: The large blue machine pictured here transforms American-grown grain into automobiles for Americans to drive. Why is the marvelous ability of this machine not more appreciated?