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This always sounded like the broken window fallacy to me.
The idea often goes something like this. Necessity is the mother of invention. This folk wisdom has a powerful grip. When politicians propose tariffs on Chinese semiconductors or European steel, they often invoke a simple logic: make foreign goods expensive, and domestic companies will innovate their way to competitiveness. Cut off cheap imports, and necessity will spark the…. something something… needed to build better products and processes at home.
The first issue is that it’s not clear why this “necessity” would dominate. Surely, increased competition from foreign companies introduces new necessities. Improve or go out of business seems like a necessity. Would that effect dominate? It’s an empirical question. Second, we need to disentangle genuine innovation—things that move out of the set of possible things made—from adaptation just to deal with a problem.
They start off by providing examples of induced-innovation which provides most of the intuition behind the tariffs spur innovation belief. Then the effect of trade liberalization (e.g. China shock) on R&D expenditure and technology upgrading. The evidence, they imply then conclude, mostly speaks in favor of liberalization if you don't focus narrowly on product competition and consider things like access to import and export markets too.
There's nothing as a "healthy level of inflation" as much as there's nothing as a "healthy level of tariffs". To spur innovation, get tariffs down to zero.
The logic is simple: you can't innovate above of what you can't even supply at demand.
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My recollection from the history of development economics is that protectionist schemes aimed at building a viable domestic industry usually don't even achieve their main objective, much less improve general welfare.
There's some truth to the idea that instituting some artificial hardship on the economy will spur innovation, but it's innovation to alleviate those artificial hardships. So, you end up with a distorted system that's grown in inefficient directions.
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The kind of innovation I imagine... is for example the smuggling of electronics across the borders of Mexico and Canada into the United States.
If there is a 'tariff' on electronics imported into the United States, but no tariff on electronics entering Canada and Mexico... then an 'arbitrage' opportunity will result motivating smugglers to 'import' to the United States and sell them.
Free market in action!!!
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