What Is the Dying Industry Argument for Establishing Barriers to Imports

question 6

Essay

What is the dying industry argument for establishing barriers to imports? What are its merits and weaknesses? What measure(s) is/are more efficient than an import tariff if the intention is to help workers who would be displaced from a dying industry? Why? What measure(s) is/are more efficient than an import tariff if maintaining current production levels is the goal of government policy?

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Definitions:

Sales

The activity or business of selling products or services.

Business Ownership

The legal possession and control over a business entity, often accompanied by responsibilities like decision-making and financial risk.

Work Ethic

A set of values based on the principles of discipline, hard work, and responsibility in a professional context.

Professional Identity

An individual's self-concept based on attributes, beliefs, values, motives, and experiences as a member of a profession.