When economic crisis strikes, free market is often deemed guilty. Freedom falls during economic crisis, especially sound money and banking, owing to government's reaction. And more regulatory laws are easily passed. Historical records (e.g., free banking) as well as econometric studies (Baier et al.,
Hi Meng Hu! Thank you for your articles in the field of genetics and Austrian economics.
What do you think about the protectionists' arguments about a "infant industry" that needs state protection? Are there any empirical refutations of this concept?
No problem, I'll write a post this month. The protectionist argument isn't that compelling in my opinion. Austrian economists did touch on that topic, as early as Mises or Rothbard. Even some interventionists would argue against this idea. As for austrians, there are several layers on their arguments, but typically they would say that protectionism policies distort market signals, producing non optimal resource allocations.
Hi Meng Hu! Thank you for your articles in the field of genetics and Austrian economics.
What do you think about the protectionists' arguments about a "infant industry" that needs state protection? Are there any empirical refutations of this concept?
No problem, I'll write a post this month. The protectionist argument isn't that compelling in my opinion. Austrian economists did touch on that topic, as early as Mises or Rothbard. Even some interventionists would argue against this idea. As for austrians, there are several layers on their arguments, but typically they would say that protectionism policies distort market signals, producing non optimal resource allocations.