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Is trade beneficial to a country? Why do countries export certain goods and import certain other goods? Why do countries sometimes import and export the same goods? What is the relationship between trade and income distribution? If free trade is good, why do countries keep using protectionist policies? These are some of the questions that we will explore in this course. For that purpose we will rely heavily on the microeconomic analysis of a series of trade models. Starting with the traditional Ricardian, specific factors, and Heckscher-Ohlin models, we then examine what happens when we relax some assumptions, for example by allowing for scale economies or externalities. After making a more or less strong case for free trade we then turn to the question of why countries use protectionist trade policies. After taking this course the student will gain an appreciation of why the free-trade vs. protectionism debate is so very much alive today, as it was 200 years ago.
COURSE FORMAT: Lecture
Level: UGRD Credit: 1 Gen Ed Area Dept: SBS ECON Grading Mode: Graded
Prerequisites: ECON110 OR (ECON111 AND ECON112) Links to Web Resources For This Course.
Last Updated on MAR-19-2004
Copyright Wesleyan University, Middletown, Connecticut, 06459