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ERIC Number: EJ781757
Record Type: Journal
Publication Date: 2007
Pages: 9
Abstractor: Author
Reference Count: 8
ISSN: ISSN-0022-0485
Gains from Trade for Nonmaterialists, Environmentalists, and the Overworked
Weber, Christian E.
Journal of Economic Education, v38 n4 p452-460 Fall 2007
The author proposes an alternative to the traditional definition of the gains from international trade and, hence, an alternative defense of free trade. Rather than showing that free trade allows a country to consume more of all final goods, the author's approach shows that free trade allows a country to consume the same basket of final goods that it would consume in autarchy but at a reduced cost measured in terms of foregone productive resources. Thus, free trade gives a country the option to maintain the same material standard of living that it would have enjoyed in autarchy while enjoying more leisure and using fewer natural resources in production. (Contains 4 figures and 6 notes.)
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Publication Type: Journal Articles; Reports - Descriptive
Education Level: Adult Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A