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With rare, and typically short-lived exceptions, governments reduce economic productivity and their citizens’ prosperity by either taxing or imposing quotas on imports. This is because when a trade restriction is being considered, politicians will hear plenty from those favoring the restriction and little from those harmed by it. The result is a bias toward providing concentrated benefits and ignoring much larger but dispersed costs. (7.51 minutes)

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Dwight R. Lee

Dwight R. Lee is the O'Neil Professor of Global Markets and Freedom in the Cox School of Business at Southern Methodist University.