INR 3502 Lecture Notes - Lecture 3: Comparative Advantage, Dependent And Independent Variables, Gross Domestic Product

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1 Dec 2016
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Wanted to come up with expectations about what kind of goods countries would trade. Four factors of production: land, labor, capital, human capital. Land: if labor is endowed with the ability to farm. Countries should export goods that are manufactured by them that they have an abundance of; a(cid:374)d should seek out thi(cid:374)gs they do(cid:374)"t ha(cid:448)e as (cid:373)u(cid:272)h of. Ex) the u. s. has less unskilled labor than they do skilled labor; thus, they should export products involving high-skilled production like computers and airplanes, and should import things involving low-skill production like clothes. Let"s (cid:374)ot just talk a(cid:271)out trade i(cid:374) ge(cid:374)eral. Talks about specific tenets of trade like strict barriers, tariffs, etc. Uses the same four factors to tell what groups in a particular country will advocate for protectionist policies. Using the same logic as hedger & owen, Because manufacturing jobs, while engaging in free trade, are hurt the most. )

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