Advocating for free trade requires people to have a clear understanding for the essentials of international trade. As Simon Lester wrote in Advocates Need to Make the Important Case for Free Trade,?There is no doubt that exports are good for domestic producers, but imports are just as beneficial, if not more so, to domestic consumers. Import competition leads to lower prices, higher quality and a greater variety of goods and services to choose from. ?How does people benefit from exports and imports? What are the harms of trade barriers? This course from Tyler Cowen and Alex Tabarrok will? take a look at the basic theories of international trade and the consequences of trade in today’s global economy.?You’ll have the opportunity to learn more about fundamental ideas such as comparative advantage, increasing returns to scale, factor endowments, and arbitrage across borders.
The consequences we discuss include the effects of offshoring, how trade has shaped the economies of China, Mexico, and Korea, when foreign direct investment is desirable, and the history of free trade and tariffs, among other topics.??Trade is a topic of increasing importance and this material will give you a better grasp on the theories and empirics as they have been developed by economists.
This course is non-technical and is accessible to a beginner. If you pass the final exam, you will earn the “International Trade” certificate from MRU University on your profile. To take the on-line course please refer to International Trade Introduction .