… is from page 297 of Anne Krueger’s 2020 book, International Trade: What Everyone Needs to Know; it appears in the section of her book in which she summarizes the many lessons drawn from the actual post-WWII history of freeing or restricting trade:
Lesson 8. Protection does not create jobs. Trade destroys many fewer than is popularly believed. Protection may slow down the rate of decline of employment in a declining industry but creates many fewer jobs than expected in the protected industry and results in more job losses elsewhere. Many more jobs are lost due to capital deepening and automation than because of trade.
DBx: Yep.
Pictured here is the economist Anne Krueger (1934- ), whose June 1974 American Economic Review paper, “The Political Economy of the Rent-Seeking Society,” gave us the term “rent-seeking.”
