Nuggets and Aphorisms

Food for thought. These first appeared in Amit Varma's blog, India Uncut

Monday, June 20, 2005

Trade and employment

We cannot increase employment by restricting trade.
1028 economists, in a protest letter against the Hawley-Smoot tariff bill, shortly before it was signed on June 17, 1930. Quoted recently in "A day of import" by Thomas Sowell, that warns against the USA repeating such a huge mistake. The truism quoted above has universal relevance, though.

(Link via Cafe Hayek.)
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