Status Updates From Economics in One Lesson: Th...

"It is useless to deny that a tariff does benefit-or at least can benefit-special interests. True, it benefits them at the expense of everyone else. But it does benefit them. If one industry alone could get protection, which its owners and workers enjoyed the benefits of free trade in everything else they bought, that industry would benefit, even on net balance."

"Three out of every four of us, therefore, may be said to owe not only our jobs but our very lives to machines."

"If it were indeed true that the introduction of labor-saving machinery is a cause of constant mounting unemployment and misery, the logical conclusions to be drawn would be revolutionary, not only in the technical field but for our whole concept of civilization. Not only should we have regard all further technical progress as a calamity; we should have to regard all past technical progress with equal horror."