Tag: protectionism
Tariffs Remove Options and Necessarily Reduce Economic Well-Being

You simply can’t make people better off by removing options from them.

Nationalism, the Ideological Delusion at the Heart of Protectionism

The doctrine of nationalism, a dangerous brew in which Americans have long indulged.

Trade Wars Put Prosperity in the Cross Hairs

Whatever his latest rhetoric, Trump has helped show that—just as economists feared—the idiocy of trade protectionism is contagious.

The Balance of International Payments Is Economic Nonsense

The nation-based “balance of international payments” accounting system is misleading and nonsensical.

A Unilateral Free Trade Policy Would Be Hugely Beneficial for Brexit Britain

My new monograph, A Trade Policy for a Brexited Britain, was published on Friday by the Institute of Economic Affairs. Here is a brief synopsis: Adam Smith once observed that “Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far...
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Trump’s Tactic Is Certain to Create “Regime Uncertainty”

President-elect Donald Trump’s so-called Carrier deal, which seems to amount to a threatening conversation he had with Carrier’s managers, combined with some tax concessions by the state of Indiana, exemplifies the approach he has more or less announced he will take in dealing with U.S. companies that propose to move operations abroad. He threatens...
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Reflections on Donald Trump’s Election

As the markets and pundits react to Donald Trump’s enormous upset victory, let me offer my own reactions. As an economist, I will focus on matters pertaining to economic policy. The Danger of Hubris and Denial. Everybody recognizes that the “experts” and polls were totally wrong. Indeed, I was listening to NPR around 6...
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The Return of Protectionism

There are different ways to gauge the rise of protectionism. An obvious one is to count, as Global Trade Alert does, the number of measures adopted by various countries affecting competition from outside. Some 4,000 new barriers to trade have been adopted worldwide since 2008. Another way is to look at the trend in...
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How Not to Make America Great Again

Donald Trump promises to “Make America Great Again.” Unfortunately, his “us versus them” view of economic exchanges, prominent in his “America doesn’t win anymore” rant, would fail introductory economics. And his protectionist promises cannot make us great again, only less great and poorer. Trump’s protectionism rehashes a bogus patriotism argument. Imports are pilloried as...
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None “Heil” Trump

America is a country founded on the principle—regardless of how imperfectly carried out in practice—that all men* are created equal. We celebrate and honor the value of the individual, endowed irrevocably with the rights to life, liberty, and the pursuit of happiness. We cherish the American Dream that, regardless of the circumstances of birth,...
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