Quotation of the Day…

by Don Boudreaux on May 5, 2022

in Competition, Growth, Trade

… is from pages 37-38 of Eamonn Butler’s 2021 book, An Introduction to Trade & Globalisation:

International trade greatly widens the pool of talent involved in supplying products to markets. Such increased competition means domestic producers have to make their own activities more cost-effective, or risk losing business to outsiders. They have to control costs and cut waste. They must stay sharp in order to understand what customers want and how those wants can be satisfied, and to anticipate future trends on both fronts. They need to keep trying new things, to innovate and improve both their offer to customers and their own production processes. And this constant pressure to innovate and improve in turn drives progress.

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