<p>Schools of economic thoughts are not political (mercantilism was not political school) they are about methodology. They are not determined by their policy prescriptions.</p>
<p>Mercantilism was associated with protectionism because the beliefs they had about how economy operates made strong protectionist prescriptions but those were not part of the theory itself rather consequence of the theory once you decide you want to maximize wealth of the nation. mercantilism is not defined as a school of thought that advocates protectionism but as a school of thought that believed wealth of a nation is derived from the species of rare metals (see Brue &amp; Grant History of Economic Thought 8th ed). It just so happens that the easiest way how country accumulate rare metals is by running  huge trade surpluses.</p>
<p>However, modern scholarship works with complex theories that can give you different policy prescriptions with different parameters. Hence you can’t really say that some school of thought is a “free trade school” or “protectionist school”.</p>
<p>In addition, modern economic policy is based primarily on empirical research (statistics/econometrics). Modern policy economists at conferences would not go and say; “I believe this is the policy we should follow because it’s implied by neoclassical school”, they would rather use data and statistic and models would be used to either help build the statistical model or to explain mechanisms that are consistent with the data.</p>
<p>A <a href="https://www.igmchicago.org/surveys/free-trade/" rel="nofollow noreferrer">survey</a> of top economists show that about 95% agree free trade promotes efficiency and generally benefits an economy while 5% were uncertain and nobody disagreed with the statement. But this isn’t because some school of thought has some free trade tenets. Economics is a science not ideology.</p>
<p>In fact in the currently most prevalent school of thought (neoclassical synthesis) there are models that show protectionism can be beneficial, yet as you can see from the survey most economists are free traders despite the models since empirical evidence generally shows free trade enhances economic performance. So neoclassical models that show protectionism can work are usually disregarded in favor of neoclassical models that show free trade is beneficial, and the same works for example for institutional school models where you also have some models that show protectionism can work and others showing it doesn’t.</p>
<p>There really isn’t a modern school of thought within economics where  methodology would lead to such a strong policy conclusion such as the mercantilist advocacy for protectionism.</p>
<p>Hence, going back to your question within economics there aren’t really schools of thought that would advocate for protectionism but neither do schools of thought advocate for free trade.</p>
<p>As the survey showed wast majority of top policy economists believe trade overall improves economic outcomes but also small minority was uncertain, so one could occasionally find some serious economist entertaining some protectionist policies.</p>
<p>Hence it is mostly but not solely politics. One can make argument for protectionist policies using models from various economic schools of thought (neoclassical models, behavioral models, institutional models) but at the same time same schools of thought can have models that would show free trade is beneficial. Modern economists decide by looking at empirical evidence but there are always some people who might disagree with statistical models (there are <em>very</em> rare climatologists who disagree with anthropomorphic climate change for example based on their different reading of data).</p>

CC BY-SA 4.0
2022-12-27T06:37:26.803Z
2022-12-27T06:37:26.803Z
1muflon1
<p>I believe (although I am unable to find it as of a quick google search) that Thomas Sowell said no economist advocates for protectionist policies on trade (import taxes). However, protectionism is often in the political sphere and advocated for by politicians.</p>
<p>Do any modern political schools (so I would exclude mercantilist theories of the past) advocate for protectionist policies on trade? Or is this merely a product of political debate?</p>

<schools-of-thought><protectionism>
Are there any modern economic schools that teach protectionist policies on trade?
Luke Hill
# Are there any modern economic schools that teach protectionist policies on trade?

(Asked by: username_0 on 2022-12-27)

I believe (although I am unable to find it as of a quick google search) that Thomas Sowell said no economist advocates for protectionist policies on trade (import taxes). However, protectionism is often in the political sphere and advocated for by politicians.

Do any modern political schools (so I would exclude mercantilist theories of the past) advocate for protectionist policies on trade? Or is this merely a product of political debate?

**Tags:** schools-of-thought, protectionism


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## 1 answers

### Answer by username_1 on 2022-12-27. Score: 3 | Accepted answer

Schools of economic thoughts are not political (mercantilism was not political school) they are about methodology. They are not determined by their policy prescriptions.

Mercantilism was associated with protectionism because the beliefs they had about how economy operates made strong protectionist prescriptions but those were not part of the theory itself rather consequence of the theory once you decide you want to maximize wealth of the nation. mercantilism is not defined as a school of thought that advocates protectionism but as a school of thought that believed wealth of a nation is derived from the species of rare metals (see Brue & Grant History of Economic Thought 8th ed). It just so happens that the easiest way how country accumulate rare metals is by running huge trade surpluses.

However, modern scholarship works with complex theories that can give you different policy prescriptions with different parameters. Hence you can’t really say that some school of thought is a “free trade school” or “protectionist school”.

In addition, modern economic policy is based primarily on empirical research (statistics/econometrics). Modern policy economists at conferences would not go and say; “I believe this is the policy we should follow because it’s implied by neoclassical school”, they would rather use data and statistic and models would be used to either help build the statistical model or to explain mechanisms that are consistent with the data.

A [survey](https://www.igmchicago.org/surveys/free-trade/) of top economists show that about 95% agree free trade promotes efficiency and generally benefits an economy while 5% were uncertain and nobody disagreed with the statement. But this isn’t because some school of thought has some free trade tenets. Economics is a science not ideology.

In fact in the currently most prevalent school of thought (neoclassical synthesis) there are models that show protectionism can be beneficial, yet as you can see from the survey most economists are free traders despite the models since empirical evidence generally shows free trade enhances economic performance. So neoclassical models that show protectionism can work are usually disregarded in favor of neoclassical models that show free trade is beneficial, and the same works for example for institutional school models where you also have some models that show protectionism can work and others showing it doesn’t.

There really isn’t a modern school of thought within economics where methodology would lead to such a strong policy conclusion such as the mercantilist advocacy for protectionism.

Hence, going back to your question within economics there aren’t really schools of thought that would advocate for protectionism but neither do schools of thought advocate for free trade.

As the survey showed wast majority of top policy economists believe trade overall improves economic outcomes but also small minority was uncertain, so one could occasionally find some serious economist entertaining some protectionist policies.

Hence it is mostly but not solely politics. One can make argument for protectionist policies using models from various economic schools of thought (neoclassical models, behavioral models, institutional models) but at the same time same schools of thought can have models that would show free trade is beneficial. Modern economists decide by looking at empirical evidence but there are always some people who might disagree with statistical models (there are *very* rare climatologists who disagree with anthropomorphic climate change for example based on their different reading of data).


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