Bonus Quotation of the Day…

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… is from Cleveland Fed economists Daniel Carroll’s and Sewon Hur’s September 30th, 2019, paper, “The Winners and Losers from Trade“:

We find that lower-income households, though possibly more exposed to the labor market costs, benefit more than do higher-income households from the reduction in prices that trade induces. This is because low-income and low-wealth households use a larger fraction of their expenditures on tradable goods and services…. Overall, this suggests that the gains from trade are more equally distributed than previously thought.

DBx: The evidence isn’t friendly to those persons who insist that leaving ordinary people free to spend their money in whatever peaceful ways they choose is an elitist plot to enrich the already-wealthy at the expense of the poor and working-class.