Source: EconLog
by Jon Murphy
“To listen to protectionists, one would think tariffs are something of a miracle drug. Anything and everything can be solved by tariffs. Prices too low? Tariffs will raise ‘em. Prices too high? Tariffs will lower ‘em. Sprained knee? Just take two tariffs and call me in the morning. Yes, tariffs may seem like a miracle drug that can be applied to any situation (no matter how contradictory). But what many tariff supporters’ arguments are missing is reasonable political analysis. I mean ‘reasonable’ in the literal sense: derived from reason. Or, as put more poetically by James Buchanan, ‘politics without romance.'” (02/26/25)