{"id":19998,"date":"2025-10-15T20:29:54","date_gmt":"2025-10-15T20:29:54","guid":{"rendered":"https:\/\/lonecandle.com\/?p=19998"},"modified":"2025-10-15T20:29:54","modified_gmt":"2025-10-15T20:29:54","slug":"this-years-nobel-winners-for-economics-explained-how-innovation-makes-us-rich","status":"publish","type":"post","link":"https:\/\/lonecandle.com\/?p=19998","title":{"rendered":"This Year&#8217;s Nobel Winners for Economics Explained How Innovation Makes Us Rich"},"content":{"rendered":"\n<p>&#8220;&#8221;The most persuasive case against protectionism is not the standard one that undergraduate students are taught in their introductions to international economics, which goes like this: Tariffs distort the allocation of resources and impose a &#8216;deadweight burden,'&#8221; Mokyr&nbsp;<a href=\"https:\/\/reason.com\/1996\/06\/01\/future-enemies\" target=\"_blank\" rel=\"noreferrer noopener\">wrote<\/a>&nbsp;in the June 1996 issue of&nbsp;<em>Reason<\/em>. &#8220;The standard argument is certainly correct, but somehow it has failed to persuade many people since it was first enunciated by Adam Smith and David Ricardo.&#8221;<\/p>\n\n\n\n<p>The better argument, instead, is that &#8220;protectionism and insularism impede innovation, depriving our children of the comfort and security that progress and economic growth bring,&#8221; he said. &#8220;Free trade and international competition not only lead to a better allocation of resources; they ensure that countries do not lull themselves into the technological lethargy that is the archenemy of economic growth.&#8221;&#8221;<\/p>\n\n\n\n<p><a href=\"https:\/\/reason.com\/2025\/10\/13\/this-years-nobel-winners-for-economics-explained-how-innovation-makes-us-rich\/?nab=1\">https:\/\/reason.com\/2025\/10\/13\/this-years-nobel-winners-for-economics-explained-how-innovation-makes-us-rich\/?nab=1<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;&#8221;The most persuasive case against protectionism is not the standard one that undergraduate students are taught in their introductions to international economics, which goes like this: Tariffs distort the allocation of resources and impose a &#8216;deadweight burden,'&#8221; Mokyr wrote in the June 1996 issue of Reason. &#8220;The standard argument is certainly correct, but somehow it has failed to persuade many people since it was first enunciated by Adam Smith and David Ricardo.&#8221;<\/p>\n<p>The better argument, instead, is that &#8220;protectionism and insularism impede innovation, depriving our children of the comfort and security that progress and economic growth bring,&#8221; he said. &#8220;Free trade and international competition not only lead to a better allocation of resources; they ensure that countries do not lull themselves into the technological lethargy that is the archenemy of economic growth.&#8221;&#8221;<\/p>\n<p>https:\/\/reason.com\/2025\/10\/13\/this-years-nobel-winners-for-economics-explained-how-innovation-makes-us-rich\/?nab=1<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[1349,217,165,28,290,1467,473,216,208,141,226],"class_list":["post-19998","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-economic-growth","tag-economics","tag-economy","tag-free-trade","tag-imports","tag-markets","tag-protection","tag-protectionism","tag-tariffs","tag-taxes","tag-trade"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/19998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19998"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/19998\/revisions"}],"predecessor-version":[{"id":19999,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/19998\/revisions\/19999"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}