… is from page 73 of Art Carden’s and GMU Econ alum Caleb Fuller’s superb new book, Mere Economics (footnote deleted; link added; original emphasis):
Clearly, protectionism is alluring. Make foreign steel more expensive, and more Americans make steel. Simple. But that’s what economist Thomas Sowell calls “Stage One Thinking.” When we ask, Then what happens? (stage two), we see how tariffs affect everyone in the market – not just American steel workers – and see how tariffs Make America Poorer Again.
DBx: The protectionist sees the robber and only the robber; the protectionist is blind to the robber’s victims. And noticing the successful robber’s increased wealth, the protectionist declares triumphantly that robbery paves the path to national riches – such is the essence protectionism.
