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Kay Bradley

Beyond Belief - Clive Crook - The Atlantic - 0 views

www.theatlantic.com/...306172

globalization comparative advantage political economy economics atlantic

shared by Kay Bradley on 24 Sep 12 - No Cached
  • name a single proposition in all social science that was both true and nontrivial. It took a while, but Samuelson finally thought of a good answer: the principle of comparative advantage
  • The doctrine in question, devised by David Ricardo in 1817, makes a strong claim about the gains that accrue from trade.
  • For nearly 200 years, the principle of comparative advantage, and the ideas about economic policy that flowed from it, divided the world into two camps: those with basic economic literacy, and the rest.
  • ...8 more annotations...
  • Understanding this idea, and advocating it to the world, was part of what it meant to be an economist—especially an American economist.
  • ately things have changed. Some of America’s most eminent economists, including Samuelson himself, have edged away from that earlier consensus.
  • The shift is both momentous and disturbing. Just why it happened is a mystery.
  • what the principle of comparative advantage does not say.
  • trade between two countries will make both better off so long as each is especially good at making something different from the other
  • absolute advantage
  • there are mutual gains from trade even when one country is better at producing everything. All that matters is that its margin of superior efficiency is greater for some products than for others.
  • comparative advantage
  • Kay Bradley on 24 Sep 12
     
    Clive Crook weighs in on the Globalization debate.  
Kay Bradley

What happened to Clive Crook? - 0 views

krugman.blogs.nytimes.com/...what-happened-to-clive-crook

krugman comparative advantage economics globalization

shared by Kay Bradley on 24 Sep 12 - No Cached
  • Kay Bradley on 24 Sep 12
     
    Clive used to be a reasonable guy; in his mind he probably still is a reasonable guy. But he has misunderstood what it means to be reasonable. He now apparently believes that it means declaring, in all circumstances, that Democrats and Republicans are equally in the wrong, even if the Democrats are talking Econ 101 [...]
Kay Bradley

Comparative advantage - Wikipedia, the free encyclopedia - 0 views

en.wikipedia.org/...Comparative_advantage

comparative advantage economics trade freedom

shared by Kay Bradley on 25 Sep 12 - Cached
  • Kay Bradley on 25 Sep 12
     
    More info on economists' debate over comparative advantage theory
Kay Bradley

http://www.princeton.edu/~pkrugman/deardorff.pdf - 0 views

www.princeton.edu/...deardorff.pdf

comparative advantage economics trade Krugman

shared by Kay Bradley on 25 Sep 12 - No Cached
  • Kay Bradley on 25 Sep 12
     
    Paul Krugman macroeconomic discussion of comparative advantage and world trade: Acts 1-3
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