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Title : I Prefer Gratis Trade

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I Prefer Gratis Trade

Influenza A virus subtype H5N1 Don Boudreaux letter to the New York Post:

Errors of logic as well as fact infect Betsy McCaughey’s defense strength of the Trump administration’s protectionist policies (“Trump is non backing downwards on trade,” August 23). No fault is worse than the i she opens with:
“Most shoppers prefer to purchase American. But given a selection betwixt an American-made production as well as a cheaper import from China, United Mexican U.S. or to a greater extent than or less other low-wage country, they’ll unremarkably larn for the bargain.”

Ms. McCaughey’s role of the discussion “prefer” is contorted. When analyzing economical activities, it makes no feel to verbalize of preferences over dissimilar options independently of the dissimilar costs of those options. If nosotros ignore costs, as well as so all sorts of false conclusions follow. For example, because if Lamborghinis were priced the same every bit Fords Americans would purchase to a greater extent than Lamborghinis than Fords, nosotros would thus conclude that around Americans prefer Lamborghinis to Fords. This decision is false because the cost of whatever option, relative to the costs of other options, is every bit of import as well as existent an human face of that alternative every bit are whatever of that option’s other qualities, such every bit its physical blueprint as well as province of origin.

Ms. McCaughey concludes that Americans volition survive made amend off past times policies that artificially force the prices of imports upward to those of more-costly American-made counterparts. This decision springs from her false belief that Americans who purchase lower-cost imports actually “prefer” American-made goods to imports. Yet if this decision were correct, it would likewise follow that, because around Americans actually “prefer” Lamborghinis to Fords, Americans would survive made amend off past times policies that artificially force the prices of Fords upward to those of more-expensive Lamborghinis.

If yous run across that Americans would survive harmed as well as non helped past times such a policy of artificially raising the prices of lower-cost automobiles upward to those of higher-cost counterparts, yous should run across likewise that Americans would survive harmed as well as non helped past times a policy of artificially raising the prices of lower-cost imports upward to those of higher-cost American-made counterparts.

Sincerely,
Donald J. Boudreaux

Professor of Economics
and
Martha as well as Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center
George Mason University
Fairfax, VA 22030

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