Arthur Farquhar on Economic Delusions

Arthur Farquhar (1838-1929) was a successful manufacturer and exporter of mechanical steel farming implements who also took the time to participate in the day's free trade versus protectionism debate. His main contribution to the national tariff debate was the 1891 book "Economic and Industrial Delusions: A Discussion of the Case for Protection". The book was written as a direct response to the McKinley Tariff of 1890 and is very much a polemic against the tariff by a disappointed former Republican. This article summarizes his economic analysis of the incidence of the tariff, the relationship between trade competitiveness and relative wages, and the tariff's effect on overall economic development. Copyright © 2010 American Journal of Economics and Sociology, Inc..