New Delhi, Feb. 21 -- There's a lot that previously influential figures have said that is usually forgotten by the public. However, every once in a while, there comes a quote that stands the test of time and remains relevant throughout. One such quote is by Milton Friedman, an American economist, who was considered to be one of the most influential intellectuals of the 20th century. Friedman was best known as an advocate of free-market economics and reshaping modern thinking about money, inflation, and government policy.

In LiveMint's quote of the day, we focus on a quote by Friedman, which seems to be more apt than ever. "The benefits of a tariff are visible. Union workers can see they are 'protected'. The harm which a tariff does is in...