A PARABLE FOR THE MODERN ECONOMY

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A PARABLE FOR THE MODERN ECONOMY To understand why people choose to depend on others for goods and services and how this choice improves their lives, let’s look at a simple economy. Imagine that there are two  goods in the world  meat and potatoes. And there are two people in the world a cattle rancher and a […]

Interdependence and the Gains from Trade

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Interdependence and the Gains from Trade Consider your typical day. You wake up in the morning, and you pour yourself  juice from oranges grown in Florida and coffee from beans grown in Brazil. Over breakfast, you watch a news program broadcast from New York on your television made in Japan. You get dressed in clothes made of cotton grown […]