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And of course the industry argument, if true, is a good one.
Because the U.S. economy is so well developed, the infant industry argument is rarely invoked.
Critics of free trade have reached for this "infant industry" argument ever since.The latest thinker to pick up Hamilton's flintlock is Ha-Joon Chang of Cambridge University.
But the industry argument that customers care deeply whether these shares are priced at a dollar or at their net asset value, appears to be made of fear.
With Cochrane, the latest industry argument is that the study's authors cut out a number of different forms of cardiac ailments, thus skewing the stats.
For almost twenty years now, the White House, Congress, and regulators have adopted a hands-off approach, in keeping with the industry argument that this was necessary to stimulate investment and innovation.
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Some scientists reject the industry arguments.
"Infant industry" arguments were given great credence in Australia for decades.
And many may be reluctant to repeat past industry arguments that climate change was a hoax.
Daniel Berman, who works with Dr. Pecoul at Doctors Without Borders, said he was troubled by such industry arguments.
Eventually, industry arguments prevailed and the government, which didn't want foreign competitors to gain an advantage over U.S. businesses, withdrew its request.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com