There are several reasons why governments have often chosen to use quotas rather than tariffs as a way of limiting imports. The first is as insurance against further increases in import competition (protectionist insurance) and import spending (balance-of-payment insurance).Quotas help ensure that the quantity of imports is strictly limited. If, for instance, increasing foreign competitiveness lowers the world price of imports, a quota will simply hasten the reduction in the total amount spent on imports. A tariff, by contrast, allows later foreign price cuts to raise both import quantities and (if our demand for imports is elastic) import values, thus complicating any official forecasts of the balance of payments.
Quotas are also chosen in part because they give government officials greater administrative flexibility and power in dealing with domestic firms. These officials usually have discretionary authority over who gets the import licenses under a quota system, and they can use this power to their advantage (e. g., by taking bribes).For their part, protectionist interests also see a quota system as an opportunity to lobby for special license privileges, whereas a tariff is a source of government revenue to which they do not have easy access.
A quota operates by limiting the physical amount of the good or service imported. This reduces the quantity available to consumers, which in turn causes the domestic price to rise. The domestic price continues to rise until the quantity supplied domestically at the higher price plus the amount of the import allowed under the quota exactly equals the reduced quantity demanded. The quota thus restricts quantity supplied, causing price to adjust, in contrast to a tariff, which induces a quantity adjustment by fixing a higher domestic price.
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