Quotation of the Day…

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… is from page 264 of economist Christopher Meissner’s 2024 book, One from the Many: The Global Economy Since 1850 (footnote deleted; links added):

Since the 1990s, new research has repeatedly shown that market integration and liberalization of product and factor markets serve to raise GDP per capita. In an early study, Jeffrey Sachs and Andrew Warner looked at episodes of liberalization and found that economies that decreased intervention in the economy and lowered the barriers to trade grew faster. Jeffrey Frankel and David Romer also found convincing evidence that economies more “open” to trade had higher levels of income even after carefully eliminating the potential for omitted factors that could explain both high income and high trade openness.