March 6, 2018

IT'S NOT ECONOMICS, JUST RACE:

Economics Was Invented to Refute Trump's Tariff Arguments: We've known tariffs are a bad idea since Adam Smith. (Tom Mullen, 3/05/18, FEE)

When Adam Smith wrote Wealth of Nations, it wasn't to refute the "godless socialists" 21st-century Republican voters believe are taking over the world. It was to refute the kinds of protectionist ideas championed by conservatives like Edmund Burke and Alexander Hamilton in Smith's day, Abraham Lincoln eighty years later, and Trump today.

Bastiat remade Smith's case in 1848. Henry Hazlitt did so again in 1946. Still, these economic fallacies persist because they offer the victims of other bad economic policies villains they can blame for largely self-inflicted wounds.

Every time a Trump supporter sees "Made in China" on a pair of sneakers, he throws up his hands and says, "Do you see that? They're stealing our manufacturing jobs."

Posted by at March 6, 2018 4:23 PM

  

« NO MATTER HOW WIDE YOU CAST THE NET...: | Main | GREATEST WAR EVER: »