Protection and Free Trade (Classic Reprint): An Inquiry Whether Protective Duties Can Benefit the Interests of a Country in the Aggregate: An Inquiry ... a Country in the Aggregate (Classic Reprint) - Softcover

Inhaltsangabe

This book comprehensively examines the concepts of protectionism, value, and their impact on national policy. The author argues that the sum of a nation's labor and natural resources, when combined with intelligent direction, determines the efficiency of production. Any legislation that misdirects these elements diminishes a nation's prosperity. The author maintains that value is not a simple relation or external ratio as some economists argue but rather some property that attaches to or is inherent in a material object, which renders it desirable and enables it to satisfy one's wants. The author asserts that there are only two factors necessary to produce value: human labor and the natural forces. Utilizing these elements, the author argues that the natural forces available to man vary in amount, efficiency, or intensity in different countries, which prompts migration and industrial development.

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