Uploaded May 2026 | Updated September 2026, 2 weeks ago
"Two economists, three opinions"—except on this one issue.
Since 1776, the economics profession has maintained extraordinary consensus: free trade makes nations better off. Even when John Maynard Keynes abandoned the position in 1931, he didn't claim tariffs were economically superior. He simply admitted the political system wouldn't allow for the better policy.
Two centuries of professional agreement. Consistently ignored by the very governments economists advise.
If you've ever wondered why economic recommendations seem to go unheeded, the history of trade policy is your answer. The gap between what economists know and what politicians will do has remained unchanged since Adam Smith.
"Two economists, three opinions"—except on this one issue.
Since 1776, the economics profession has maintained extraordinary consensus: free trade makes nations better off. Even when John Maynard Keynes abandoned the position in 1931, he didn't claim tariffs were economically superior. He simply admitted the political system wouldn't allow for the better policy.
Two centuries of professional agreement. Consistently ignored by the very governments economists advise.
If you've ever wondered why economic recommendations seem to go unheeded, the history of trade policy is your answer. The gap between what economists know and what politicians will do has remained unchanged since Adam Smith.
