ECON 2 Lecture Notes - Lecture 2: Comparative Advantage, Protectionism, Opportunity Cost
ECON 2 verified notes
2/19View all
Document Summary
Econ 2 lecture 2 comparative advantage and international trades (graphs are from slides for lecture) Sign up for wsj (we are going to have readings on it) Subscribe bureau of labor statistic and bea (which calculate gdp) and fred (type in what you wanna see, add a line of data ) Some people believe if we make ourselves better, there must be others getting hurt. During the great recession, americans can"t sell product. They say that"s because foreigners are competing with them, leaving their crappy products no place to live. But that tariff hurts both side. (1940 almost shut down world"s trade. Distribution of the labor force by sector : This model happens in every economy throughout history. Trade myths and misconceptions: protectionism saves jobs. It may save some jobs, costs great lost! Not worth it: exports are good, imports are bad.
