The word “concession” is a buzzword at the WTO negotiations. Countries supposedly “give up” trade barriers against imports so that other countries will open their markets to exports. But this mercantilist approach — the same one that leads the mainstream media to talk about our trade deficit as if it’s a bad thing — is wrongheaded. Countries benefit when they “give up” onerous trade barriers that prevent their consumers from buying the best and cheapest goods from all over the world.

That’s why the quote of the day goes to the IMF’s Anne Krueger, who at a roundtable discussion earlier said something to the effect of, “The word ‘concession’ is entirely overused at these events. Countries that give up their own barriers to trade aren’t conceding anything they should want to keep.”