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Q. The Specific Factors model clearly illustrates how the expansion of trade can have significant distributional effects on the relative incomes of different factors of production. Why do economists object to using trade protectionist policy to mitigate or reverse these effects? If mitigating such effects were considered to be a reasonable goal, would economists then favor do this via the use of trade policy? Why or why not?
Answer: Economists note that generally such remedies are incompetent. Namely, there is nearly always an alternative policy that can provide the same sectoral protection with a lower cost to the rest of the economy. Anyhow such policy would as well be inefficient in that they would divert scarce resources away from the country's area of comparative advantage.
Opportunity cost theory
distinguish between net terms of trade and gross terms of trade
Development through stabilisation and reform can be understood as follows The reasoning here was that the trade and resource transfer could not, by themselves, lift L
briefly summaries the alternative explanation to the theory of international trade?
Vernon's product cycle theory
Q. Describe the role of offshore banking and of offshore currency (eurocurrencies) trading. Answer : Both have mushroomed because of increased international trade inc
Why would interest rate parity hold better than Purchasing power parity overtime?
Q. How did the international monetary system created at Bretton Woods in 1944 allow its members to reconcile their external commitments with their internal goals of full employment
Annotated Bibliography
habler oppurtunity cost
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