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20 sats \ 1 reply \ @Undisciplined 13 Dec 2024 \ on: Who Ultimately Pays the Cost of Protective Tariffs? Politics_And_Law
The major element people don't often associate with the tariffs vs free trade conversation are domestic economic regulations.
Freer markets are more adaptable, which makes them more able to take advantage of the efficiencies of free trade. Creative destruction runs faster. In our highly regulated economy, we get the destruction part, but the creative part takes longer.
Also, any of the protected industries are also much less efficient than the unprotected ones.
I just wish all the subsidies and tariffs could be cut to zero. Then cut regulations to the very core.
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