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Transcript of Naked Economics
flow of goods
and services. Trade Makes us Richer Proectionism saves jobs in the short run and slows economic growth in the long run
Trade lowers costs for consumers. Which is the same as raising incomes Trade is good for poorer countries too. 2. Disadvantages of Protectionism - Slows economic growth -Leave countries poorer
-Less productive How? Example: If America was divided along the Missisipi There would be a creation of jobs for each side But West part would waste their time making products that the east normally would. Instead of creating things that they are good at such as planes and wine Vice Versa 3. Trade lowers costs thus raising Income Why does Nike Make shoes in Vietnam? -Cheaper - Less expensive shoes for the rest of us Net Income= Revenue - Expenses The more net income.
The higher the quality
of life for us. 4. Trade is good for Poor Countries -Gives poor countries access to foreign markets -These markets having consumers with money to spend. African Growth and Oppurtunity Act - Law passed in 2000 Allowed Africa's poorest countries to import textiles to America
with little or no tariff Within a year, Madagascars textile exports to the United States
were up 120 percent, Malawi's were up 1000 percent, Nigeria's
were up 1000 percent, and South Africa's were up 47 percent. 1.Trade makes us richer How?
We trade with others
because it frees up time
and resources to do things
we are better at you could buy meat from your
butcher and give him money.
or He would get the money and you would get the meat You could raise
the cow for 3 years
and slaughter it yourself Absolute Advantage Comparitve Advantage Bias Entire Book is Biased Looked only at the money point of view " Sweatshops are good" "Poor countries should be taken advantage off" Does not discuss the advantages of protectionsim Does not Discuss antiglobalisation movement Does not mention disadvantages of trade Overall Impact Trade is good My opinion An interesting approach to core
economic points Doesn't Bore Examples and Metaphors are comedic Economics in simple terms No equations Productivity is profitability Specialization means productivity Questions Name the 4 advantages of trade I mentioned? Give an example of comparitive advantage Give an Example of Absolute Advantage Main point of book ( In one sentence)