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.
summarizes the argument for international trade well
10 Matching Annotations
- Sep 2019
-
research.stlouisfed.org research.stlouisfed.org
-
-
those gains can be difficult to identify.
How can we better label the benefits as a society?
-
Trade Adjustment Assistance Program administered by the U.S. Department of Labor operates on this idea
can we look into this program? Is it successful? What are the alternatives?
-
industries fail in the face of foreign competition,
With newer industries such as solar power, what determines who gets absolute advantages? Is it education?
-
This is painful for workers because many of them must learn new job skills to find new employment.
how successful are retraining programs? What do you think of a UBI?
-
economies of scale enable them to take advantage of efficiencies and produce goods at a lower average cost. The lower production costs help make the companies more competitive and can result in lower prices for consumers
this effect is limited only to those who have an international comparative advantage, correct?
-
Domestic companies that export have the world as their marketplace, not just the domestic economy
benefit of trade
-
If imports were not available, your options would be more limited than they are now
benefit of trade
-
international trade operates as a zero-sum game
what is a simple and opposite argument/example to promote non zero-sum game thinking?
-
52 percent of Americans feel that trade agreements between the United States and other countries are good for the United States.1 However, unlike the general population, economists are overwhelmingly supportive of trade
Where does the disconnect occur? How can we share the profits of international trade with those who suffer most?
-