Quotation of the Day…

Tweet

… is from page 41 of Milton & Rose Friedman’s great 1980 book, Free To Choose:

“Protection” really means exploiting the consumer. A “favorable balance of trade” really means exporting more than we import, sending abroad goods of greater total value than the goods we get from abroad. In your private household, you would surely prefer to pay less for more rather than the other way around, yet that would be termed an “unfavorable balance of payments” in foreign trade.