Excerpt from Tariff and Trade

Trade economics are constantly assuming greater importance in commercial countries and among industrial communities. Never, perhaps, have theories been so utterly at variance as at present, and never have the respective sides been so determinedly and so fiercely championed. The outcome is very often more dust than anything else, and issues are obscured instead of being made plain. The practical business man abjures economics because they are apparently so contra dictory to realised facts, and the economist immediately proceeds to construct new theories to account for the facts.

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