#protectionism

#protectionism

When someone says, "Let's impose tariffs on foreign imports," it looks like they're doing the patriotic thing by protecting American products and jobs. And sometimes for a short while, it works - but only for a short time. But over the long run, such trade barriers hurt every American worker and consumer. High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars.

Three experts in the power of technology to drive economic growth have been awarded this year's Nobel prize in economics. Joel Mokyr of Northwestern University secured half of the 11m Swedish kronor (867,000) prize, with the rest split between two other academics: Philippe Aghion of the College de France, Insead business school and the London School of Economics; and Peter Howitt of Brown University.

Trade protectionism is a historical constant, as seen in Bismarck's 19th-century tariffs against wheat imports in Germany, which ultimately failed.