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Bonus Quotation of the Day…

… is from page 5 of the 1976 second edition of my late, great teacher Leland Yeager’s magisterial International Monetary Relations: Theory, History, and Policy:

In short, trade permits greater efficiency both in using resources to produce goods and in using goods to “produce” satisfactions.

DBx: Indeed so. And, thus, protectionism taxes the pursuit of greater efficiency and the pursuit of greater satisfactions.

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