“The Coasean theory of the firm is noticeably absent from antitrust discussions. Failure to understand that firms arise to lower costs can lead to incorrect conclusions.” ~Jon Murphy
“By not understanding the causes of the disruptions during the pandemic, protectionists advocate for policies that would ultimately make supply chains, and consequently the US economy, more vulnerable.” ~Jon Murphy
“If protectionism makes supply chains more robust, then we should expect to see that in the data. A quick overview shows, however, that protected industries are more vulnerable to shocks than less-protected industries.” ~Jon Murphy
“Economists and policymakers must ask the question: what are people actually doing in the status quo to manage the harm? We may find that what, on its face, appears to be a failure is actually preferable to the reasonable and feasible alternatives.” ~ Jon Murphy
“Liberalism, as we know it today, was formed not in recent times of peace and prosperity, but in the crucible of the 1600s and 1700s. Indeed, some authors trace liberalism’s roots all the way back to the fall of the Roman Empire.” ~ Jon Murphy