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WEEK OF APRIL 21, 2025
** This Week on Tariffs
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** Some Aspects of the Tariff Question
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Frank William Taussig, Harvard University Press
Taussig, a pioneering economist, presents a foundational analysis of trade policy. This classic work in modern trade theory offers a rigorous examination of the economic consequences of tariffs and protectionist measures.
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** The Great Trade Debate
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** “It is important to realize that what those benefited by these measures—tariffs— consider an advantage for themselves lasts only for a limited time.” - Ludwig von Mises ([link removed])
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From foundational economic critiques to contemporary debates, this week we invite you to explore the many dimensions of tariffs through the lens of Liberty Fund’s network of scholars and publications. Delve into analyses of trade policy, historical perspectives, and philosophical reflections that challenge and illuminate the role of tariffs in a free society.
** Articles
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** Tariffs and Inflation ([link removed])
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Jon Murphy, Econlib ([link removed])
Price concerns are legitimate. But we must differentiate between changes in prices and inflation.
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** Adam Smith Would Not Approve ([link removed])
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Janet Bufton, Econlib ([link removed])
Someone asked recently what would change as a result of the world being plunged into a trade war by the Rose Garden tariffs. I quipped that either Adam Smith would be proved wrong or we’d all get poorer.
** Tariffs ([link removed])
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Douglas Irwin, Concise Encyclopedia of Economics ([link removed])
Irwin explains why countries impose tariffs and the costs they inflict on their economies as a result.
** Why Economists Loathe Tariffs ([link removed])
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Brian Domitrovic, Law & Liberty ([link removed])
Antipathy to the tariff is “the date that economics brought to the dance."
** Does National Security Justify Trade? ([link removed])
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Jon Murphy, Econlib ([link removed])
Economists nearly unanimously support open and free trade among nations.
** Free Trade ([link removed])
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Online Library of Liberty ([link removed])
One of the key concepts of economic freedom is free trade.
** Podcasts
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** Talking about Trade and Commerce ([link removed])
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Douglas Irwin, The Great Antidote ([link removed])
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** Why Industrial Policy Is (Almost) Always a Bad Idea ([link removed])
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Scott Sumner, EconTalk ([link removed])
** Videos
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** A Conversation with Milton Friedman ([link removed])
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Econlib, Intellectual Portrait Series ([link removed])
In this 2003 interview with fellow Nobel laureate Gary Becker, Friedman discusses his economics, his public outreach, and his thoughts on economic education.
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