Quotation of the Day…

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… is from page 263 of Knut Wicksell’s 1924 paper “Protection and Free Trade” as this paper is reprinted in the 1969 Augustus M. Kelley edition of Knut Wicksell, Selected Papers on Economic Theory (Erik Lindahl, Ed., Reginald S. Stedman, trans., 1958):

Finally, with regard to tariffs as protection against foreign dumping on our market, we should on the whole only be thankful if foreigners wish to sell us their own goods at a lower price than in their own country.