Adam Smith gave us modern economics which has given us the great wealth we have today
The first thing he did was talk the british goverment to stop tariffs
If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry employed in a way in which we have some advantage. […] The value of [a country’s] annual produce is certainly more or less diminished when it is thus turned away from producing commodities evidently of more value than the commodity which it is directed to produce [by trade policies]. […] The industry of the country, therefore, is thus turned away from a more to a less advantageous employment, and the exchangeable value of its annual produce, instead of being increased, according to the intention of the lawgiver, must necessarily be diminished by every such regulation.
In plain talk, tariffs are bad for business as they are not a zero sum game as Duck Donald thinks
It’s Tariff Time: What Can Adam Smith Teach Us? - Tax Foundation
The first thing he did was talk the british goverment to stop tariffs
If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry employed in a way in which we have some advantage. […] The value of [a country’s] annual produce is certainly more or less diminished when it is thus turned away from producing commodities evidently of more value than the commodity which it is directed to produce [by trade policies]. […] The industry of the country, therefore, is thus turned away from a more to a less advantageous employment, and the exchangeable value of its annual produce, instead of being increased, according to the intention of the lawgiver, must necessarily be diminished by every such regulation.
In plain talk, tariffs are bad for business as they are not a zero sum game as Duck Donald thinks
It’s Tariff Time: What Can Adam Smith Teach Us? - Tax Foundation
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