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Power of trade

 1. Use the idea of the division of knowledge to answer the following questions. (a). Which country has more knowledge: Utopia, where in the words of Karl Marx, each person knows just enough about hunting, shing, and cattle raising to hunt in the morning, sh in the afternoon, [and] rear cattle in the evening, or Drudgia, where one-third of the population learns only about hunting, onethird only about shing, and one-third only about cattle raising? GHOST ANSWER: There is more knowledge in Drudgia. (b). Which planet has more knowledge: Xeroxia, each of whose one million inhabitants knows the same list of one million facts, or Dierentia, whose one million inhabitants each know a dierent set of one million facts? How…

International Trade Theory

7 theories of international trade: 1. Mercantilism 2. Absolute Advantage 3. Comparative Advantage 4. Heckscher-Ohlin Theory 5. Product Life-Cycle Theory 6. New Trade Theory 7. The Theory of National Competitive Advantage 1. Mercantilism -emerged in England in the mid-16th century. The main tenet of mercantilism was that it was in a country’s best interests more than it imported. Consistent with this belief, the mercantilist doctrine advocated government intervention to achieve a surplus in the balance of trade. To achieve this, imports were limited by tariffs and quotas, while exports were subsidized. The flaw with mercantilism was that it viewed trade as a zero-sum game. Zero-sum Game- is one in which a gain by one country results in a loss by…