Who’s “Protected” by Tariffs?
Why do you attempt to make at home what will cost you more to make than to buy? (Assuming quality was not a factor in this case)
Mere analogy of household budgeting as argued by Adam Smith on how economic protectionism is as irrational for a nation as it would be for a family to refuse to buy anything from outside the home. Just as a family prospers by specializing in what it does best and trading for the rest, a nation prospers by letting its citizens freely buy and sell in the global market.
Of what use is only considering the immediate effects of a tariff on a specific group and neglecting its long-run effects on the whole community?
#tariffs #economics #adamsmith #henryhazlitt
