国際貿易

OK, Trump doesn’t understand what international trade is all about. But the truth is that even generally well-informed readers often know less about the basics of trade than economists tend to assume.

So this is a primer on the basics of international trade. For the most part it covers the same material encountered by every student taking Economics 101. But I thought I might add some value by presenting these basics in a more conversational style than most textbooks (my own with Robin Wells included), offering more real-world examples, and paying more attention to the shadows — the reasons even generally pro-trade economists, myself included, think that simply shouting “Yay free trade!” isn’t sufficient.

Beyond the paywall I will cover:

1. The reasons nations trade with each other

2. The benefits of trade

3. The costs of trade