Macroeconomics monetary policy/Trade advantages
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Required Readings: The Debate on Globalization
At this point you should take some time to learn more about the debate around globalization and the role that absolute advantage has on trade.
- Read MIT: Roberto Rigobon's "Applied Macro- and International Economics, L18: The Debate on Globalization" lecture notes, which cover important points about why countries trade. These lecture notes will clarify perspectives on the topics of absolute advantage and comparative advantage. This resource will also reinforce how gains from trade accrue from comparative advantage and specialization.
- Read this article from Wikipediaabout Absolute Advantage and then watch the following video from Khan Academy about both absolute and comparative advantages.
Having read these texts and watched the video, jot down any of your reflections, thoughts or questions on this subject in a WeNotes post.
