Cheaper Quote by Milton Friedman
“In response to a suggestion that total free trade would end in cheaper foreign products flooding the market and causing unemployment.”
About This Quote
Source Book: "Free to Choose", 1980
Free trade lowers prices but may cause job loss; policy must balance benefits and harms.
In simple terms: Trade benefits consumers, harms some workers.
Key Takeaway
Consider tradeoffs.
Themes
economics
policy
globalization
Mood
analytical
balanced
Type
economic
political
When to use this quote
- government regulation
- industry strategy
- consumer pricing
Key Concepts
comparative advantage
labor displacement
Questions to Reflect On
- What measures protect displaced workers?
- How to ensure fair competition?
A Different Perspective
Protectionism can hurt economies.
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