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… is this observation, posted on Facebook, by the great economic historian Bob Higgs:
A nation that contains firms that are operating (as a whole or to some extent) only because they are protected by tariffs from competing foreign sellers is a nation that is misallocating its productive resources and impoverishing itself. This is not really a debatable proposition; it’s as basic as basic economics can get. Using resources to produce outputs that have a lesser free-market value than the outputs that could have been produced by those same resources in an alternative use sacrifices wealth; the opportunity cost is greater than the value created. That’s waste.
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