In a superb post titled “The New Yorker and the Beatles,” Don Boudreaux writes:
[C]reative human insights are the driving force of our prosperity. By allowing xenophobia and protectionist rent-seekers to restrict the number of people who contribute their ideas to the market process, we inevitably reduce — and perhaps even reverse — the rate of economic growth. Our prosperity will be lower and lower than it would otherwise be.
And this lower rate of economic growth and the correspondingly lower standard of living might well never be revealed by the data.
Quite. And just as this should fuel our outrage over how protectionist rhetoric has become more voluble in recent times in the West, it should also made it look hard at our own policies. Any company that wants to do business in India, no matter where it’s from, should be allowed to, as long as it doesn’t violate the laws of the land. No exceptions.