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Economics can appraise policies as means toward particular ends, but economics alone cannot lay down the ends that policy “ought” to aim at.
For this reason, a supporter of any economic policy must rest his case not only on economic analysis but also on his idea of what is “desirable”—on his conception of the “good society”—on his so-called “value judgments.” Fortunately, intelligent discussion will often reveal a broadly-based agreement on fundamental values.
The government’s farm price support program has caused some of the situations seeming to call for import quotas: cheese and honey, for instance, have sometimes been imported at low prices from abroad while domestic output was sold to the government as surplus.The core of the Free Trade case—that unrestricted international specialization makes more goods and services available to the people of all trading countries than does restriction—has been argued for at least two centuries.Yet the same false old arguments for trade barriers still keep cropping up, as influential as ever among uninformed people.Tariffs—schedules of duties on imports—are the traditional tools of Protectionism.A duty, if high enough, can severely restrict or even completely cut off imports of a commodity.
Reed, chairman of the General Electric Company, David Rockefeller, senior vice-president of the Chase National Bank, L. Another historic statement was issued in the fall of 1952 by the Detroit Board of Commerce, representing 6,000 industrialists.