ABSTRACT
That economic theory all too often provides window-dressing for economic policy is a familiar complaint (from economists). The discrepancy between economic theory and the policies executed in its name is a constant one, although of course the conditions vary. The relationship is generally thought to be a one-way affair: economists expound the theoretical principles, politicians select some portions that appeal to them, and they might or might not be applied with or without understanding or insight. Irwin and Magnusson describe an era when this rhetorical relationship had not become well established, although they write of an issue at the heart of economic policy-making and economic theory: the welfare effects of free trade.
