… is from Pat Toomey’s August 1st, 2007, Wall Street Journal op-ed titled “Economists Against Protectionism“:
Adam Smith long ago observed that “It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy.” As members of Congress should know — but unfortunately don’t — the maxim of the family applies equally to a nation. This simple truth explains the irresistible logic of free trade.
Free trade among and between people of various nations is the mechanism that allows producers to maximize their comparative advantage while consumers maximize the value they receive for their dollar. Free trade allows American producers to sell jets and software to the Chinese, while American consumers buy toys and apparel from China — a win-win proposition for both buyer and seller.
