He observed: If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry 10 employed in a way in which we have some advantage.
One recent study of the effects of openness on growth demonstrated that when countries are divided into two groups--those with generally open economies and those with generally closed economies-open economies have experienced average growth that is 2 ½ percentage points higher than the 11 growth of closed economies.