From a small northwestern observatory…

Tariffs are back in the news.  Do I REALLY have to comment on why this is a bad idea?

First, go read about the Law of Comparative Advantage.  It’s nearly as old as the study of economics itself.  It explains why a society is better off with unfettered trading.  Admittedly, there are micro-dislocations.  A worker who was skilled at making stuff may need to learn to make other stuff.  However, the best and quickest way to kill an economy is to start a trade or tariff war.  The Smoot Hartley Tariff Act of 1930 is universally recognized as deepening the Great Depression.  Anyone who is in favor of tariffs was apparently laying out with a hangover the day they taught that in Econ 101.