Course Details
Country:
Ireland
Institution:
University of Galway
Course Title:
International Economic Policy
Course Number:
EC 382
Course Description:
Trade theory is the oldest branch of economics. The positive and normative aspects of trade engaged Mercantilist, Classical and currently Neo-Classical writers on economics. A central concept that was successfully adopted from Classical theory and adapted with Neo-Classical tools is Comparative Advantage (CA), the idea that all countries, regardless of their level of technological development, can unambiguously gain from trade. Paul Samuelson when asked by a hostile journalist to name an idea in economics that was not just common sense dressed up in fancy language replied “The theory of Comparative Advantage; not only is it uncommon sense, it is even counter-intuitive, yet it captures a profound and significant insight” . A significant portion of this course will examine the concept of CA. A survey conducted among academic economists in the US in 1996 revealed that 97% of them believed that all countries can gain from free trade. In addition to
Language:
English
Approved Equivalent:
ECON 390
Attachment Files:
EC382_Course-outline-2013.doc
