Protectionism: "ptolemaic" system of popular economics

The paper points out the blatant discrepancy between economic theory and economic policy on the question of protectionism. From the Austrian perspective, it tries to identify flaws in the most frequently used arguments in favor of protectionism: unemployment; balance of payments (deficit of); reciprocity; dumping (protection against); optimum tariff and infant industry. It concludes by noting that in spite of centuries of trying, economists haven't succeeded in eradicating the myths about protectionism and that these old myths are still present in most public discussions on the trade issues.

Keywords: balance of payments, protectionism, reciprocity, dumping, optimum tariff, infant industry, Austrian school