Quotation of the Day…

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… is from page 139 of the 2015 Fourth Edition of Dartmouth economist Douglas Irwin’s superb book Free Trade Under Fire:

And here, a very basic point must be stressed: the perception that imports destroy good, high-wage jobs in manufacturing is almost completely erroneous. It is closer to the truth to say that imports destroy bad, low-wage jobs in manufacturing. This is because wages in industries that compete against imports are well below average, whereas wages in exporting industries are well above average.