Related to the Economics in Practice on page 673: 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 satirical essay is a critique of protectionism, arguing that protecting industries that cannot compete effectively through measures like quotas is as absurd as blocking sunlight to protect candle makers. It highlights the inefficiency and pointlessness of such protectionist policies.

Related to the Economics in Practice on Page 673: Satirist