Bonus Quotation of the Day…

(Don Boudreaux)

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… is from page 127 of John Bell Condliffe’s paper in the May 1938 issue of Economica, “The Value of International Trade“ (footnote deleted; link added to the book – of Gottfried Haberler – from which Condliffe himself quotes):

While there is, among economists at least, little dispute concerning the general benefit of international specialisation, which presupposes international co-operation, certain misconceptions are apt to arise concerning it. The value of international trade does not depend upon a readiness to sacrifice national welfare for vague cosmopolitan sentiment. The case for freer trade is a national case. There is, clearly, a natural affinity between freer trade and international liberalism; but the essential case for freer trade is that it “increases the real income of all the participating countries.” Trade indeed shares the quality that Portia attributed to mercy

“it is twice blest;
It blesseth him that gives and him that takes.”