The Welfare Costs of Tariffs, Monopolies, and Theft

Apr 19, 2026

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The text argues that commonly used measurement tools underestimate the welfare costs of tariffs and monopolies. It challenges the reliance on a narrow welfare-triangle approach by emphasizing additional neglected costs, including customs collection and enforcement, brokerage expenses, and broader social losses analogous to excise taxes whose revenues are wasted. The document proposes a more comprehensive assessment of tariff and monopoly impacts beyond allocative efficiency.

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The Welfare Costs of Tariffs, Monopolies, and Theft

Apr 19, 2026

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