Bonus Quotation of the Day…

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… is from page 158 of the 5th edition (2020) of Douglas Irwin’s superb book Free Trade Under Fire:

The perception that imports have destroyed good, high-wage jobs in manufacturing is largely mistaken. It is closer to the truth to say that imports have destroyed bad, low-wage jobs in manufacturing. This is because wages in industries that compete against imports are well below average, whereas wages in industries in exporting industries are well above average.