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Bonus Quotation of the Day…

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… is from page 66 of the 1969 Arlington House edition of Ludwig von Mises’s 1944 Yale University Press book, Omnipotent Government: The Rise of the Total State and Total War (available free-of-charge on-line here): In the past various doctrines and considerations induced governments to embark upon a policy of protectionism. Economics has exposed all these arguments as fallacious. Nobody tolerably familiar with economic theory dares today to defend these long since unmasked errors. They still play an important role in popular discussion; they are the preferred theme of demagogic fulminations…. DBx: It’s true. Anyone who understands economics would be as embarrassed to publicly endorse protectionism as he or she would be to publicly endorse flat-earthism or the healing properties of

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… is from page 66 of the 1969 Arlington House edition of Ludwig von Mises’s 1944 Yale University Press book, Omnipotent Government: The Rise of the Total State and Total War (available free-of-charge on-line here):

IBonus Quotation of the Day…n the past various doctrines and considerations induced governments to embark upon a policy of protectionism. Economics has exposed all these arguments as fallacious. Nobody tolerably familiar with economic theory dares today to defend these long since unmasked errors. They still play an important role in popular discussion; they are the preferred theme of demagogic fulminations….

DBx: It’s true. Anyone who understands economics would be as embarrassed to publicly endorse protectionism as he or she would be to publicly endorse flat-earthism or the healing properties of crystals. Sadly, the world is well-populated with people who don’t understand economics.

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Don Boudreaux
He is a professor of economics at George Mason University in Fairfax, Virginia. Previously, he was president of the Foundation for Economic Education.

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