Related to the Economics in Practice on page 669: Satirist Frederic Bastiat's essay arguing for a quota on sunlight in order to protect domestic candle makers suggests that it is pointless to
A) participate in international trade.
B) protect industries that cannot compete effectively.
C) legislate based on economic theory.
D) create barriers to trade in some markets but not others.

Question

Quizplus · Accepted Answer

Bastiat's essay was a satirical critique of protectionist policies that tried to shelter domestic industries from foreign competition. By proposing a quota on sunlight to protect candle makers, Bastiat was showing the absurdity of protecting industries that cannot compete effectively. Thus, the essay suggests that it is pointless to protect such industries through legislation.

Related to the Economics in Practice on Page 669: Satirist