1,028 Economists Oppose Protectionist Policies

The Club for Growth:

In 1930, Congress passed and President Hoover signed into law the Smoot-Hawley Tariff Act. At the time, this protectionist measure was vigorously opposed by 1,028 of the nation’s top economists. They rightly predicted the tariffs would devastate the economy. And, in fact, the country subsequently plunged into the Great Depression.

Now some in Congress are considering ways to enact similar protectionist policies against China. Once again, 1,028 of America’s top economists, from all 50 states and top universities, have signed the following petition sponsored by the Club for Growth in opposition to protectionist policies against China. In addition to many other prominent and well-respected economists, signatories include Nobel Laureates Finn Kydland, Edward Prescott, Thomas Schelling, and Vernon Smith.

Here's the 1930 petition (PDF) as it ran in the New York Times.

Here's the 2007 petition (PDF) as it ran in the Wall Street Journal this morning.

Follow the link for the petition and a list of names of those who signed it. No surprise that many of GMU's faculty members have signed the petition.