Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.

The way you solve things is by making it politically profitable for the wrong people to do the right thing.

You never have real changes unless you have a time of crisis.

Congress can raise taxes because it can persuade a sizable fraction of the populace that somebody else will pay

China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that.

Legalizing drugs would simultaneously reduce the amount of crime and raise the quality of law enforcement. Can you conceive of any other measure that would accomplish so much to promote law and order?

The benefits of a tariff are visible. Union workers can see they are "protected". The harm which a tariff does is invisible. It's spread widely. There are people that don't have jobs because of tariffs but they don't know it.