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Herbert A. Stiefel Center for Trade Policy Studies

The purpose of exchange is to enable each of us to focus our productive efforts on what we do best. By specializing in an occupation—instead of allocating small portions of our time to the impossible task of producing each of the necessities and luxuries we wish to consume—and exchanging the monetized output we produce most efficiently for the goods and services we produce less efficiently, we are able to produce and consume more output than would be the case in the absence of specialization and trade. The larger the size of the market, the greater is the scope for specialization, exchange, and economic growth.

Meet Our Experts

James Bacchus
Adjunct Scholar
Colin Grabow

Policy Analyst, Herbert A. Stiefel Center for Trade Policy Studies

Simon Lester

Associate Director, Herbert A. Stiefel Center for Trade Policy Studies

Scott Lincicome

Senior Fellow

Inu Manak

Research Fellow

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Featured Project

Cato Project on Jones Act Reform

The Cato Institute aims to shake up this status quo by shining a spotlight on the Jones Act’s myriad negative impacts and exposing its alleged benefits as entirely hollow. By systematically laying bare the truth about this nearly 100‐​year‐​old failed law, the Cato Institute Project on Jones Act Reform is meant to raise public awareness and lay the groundwork for its repeal or reform.