Episode 34: Comparative Advantage & Trade
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Yes this was very clear. Thanks
2 years ago 10
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thank you!
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this was very informative in regards to the topic. thank you.
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does this theory apply to general trade. ie trade within one country between individuals/companies?
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THIS IS AWESOME
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@Tabur the point is that voluntary trade leaves them both better off than they would have been before. if two people VOLUNTARILY engage in trade, they will always both be better off afterwards, always. voluntary trade creates wealth. this is an accepted fact in economics. involuntary trade, however, between two people, is just the transfer of wealth, there is no creation.
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The Comparative Advantage Theory = Keynesian Economics!
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gilligan's island needs to get back on the coconut standard. if you're going to have a leaf-based currency, you need something to back it up. anybody can go pick a leaf off a tree, but you can only grow so many coconuts per year.
ganon391 4 months ago 5
@ganon391 Awesome - you gave me my best laugh of the day.
mjmfoodie 4 months ago
Great explanation, but what if the island doesn't need any more huts and people need more fish? I guess another way of saying this is what if the demand for huts is low and the demand for fish is high?
4everFitnessBlog 5 months ago
@4everFitnessBlog Well, comparative advantage is only a theory of the production piece, so you are correct -- the demand side will come into play as well.
Luckily, the entertainment industry decided that there needed to be a 20-year reunion TV show, in which the castaways escape, and then come back to the island to open a resort, so they needed all the huts they could get. :-)
mjmfoodie 5 months ago
Not all of the episodes exist yet -- in fact, I just completed the "reasons for trade restrictions" a few minutes ago. I won't have a chance to do anything on "Types of Trade Restrictions" until over the summer.
mjmfoodie 1 year ago