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“Recognition that the size, or possibly even the very existence, of any measured US trade deficit depends heavily on the accounting conventions used to record international commercial transactions should be sufficient to calm the fears that arise whenever this accounting artifact shows a deficit.” ~Donald J. Boudreaux
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“The classification of outputs bought and sold on international markets according to whether these outputs are tangible is no more economically justified than would be the classification of these outputs according to their colors.” ~ Donald J. Boudreaux
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“Unlike a profit-seeking company, an economy doesn’t exist to maximize the amount of money it brings in, net of its costs, on sales of its outputs.” ~Donald J. Boudreaux
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“Globalization has helped generate previously unknown wealth – and health – in rich and poor nations alike. As evidenced by Trump and Biden, a President may use his unilateral tariff authority for ill.” ~ David B. McGarry
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“So, while prominent economists were spinning their unsatisfying theories and lamenting the vicious cycle of poverty, the world got better—on its own.” ~ Jane Shaw Stroup
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“Global free trade helps both consumers, via lower quality-adjusted prices, and taxpayers. Walking into a Walmart to buy goods I want for dollars I earn at work does not leave me, or the nation, worse off, even if those goods originated in another country. ” ~ Stefan Bartl
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“It is long past time Americans saw through the multiple misrepresentations that have defended the Jones Act’s nothing-for-something restrictions for over a century, including twisting Adam Smith’s logic into a false endorsement of its enormously costly restrictions.” ~ Gary M. Galles
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“When past centuries’ most-iconic luxuries become commonplace and affordable, we always have specialization and market innovations to thank.” ~ Laura Williams
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“We shouldn’t want our lawmakers to play favorites between domestic interests, and people should be more skeptical when policymakers dip into protectionist rhetoric.” ~ James M. Hohman
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“One of the hardiest and most enduring fallacies in economics is the mercantilist fallacy: buying from foreigners is bad for us because we should ‘keep the money here;’ selling to foreigners is good for us because we can pile up more money.” ~ Art Carden
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“We can hope that, should Parliament today agree to a unilateral lowering of Britain’s trade barriers, other governments would today, as other governments did in the mid-19th century, respond by unilaterally lowering theirs.” ~ Donald J. Boudreaux
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“Like Adam Smith, I’d prefer that trade be liberalized gradually as opposed to not at all. But perhaps unlike him, if I were put in front of a button to eliminate immediately all species of economic protectionism, I’d press it with gusto.” ~ Donald J. Boudreaux
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