ECON 7027X International Trade

30 hours plus conference; 3 credits

Gains from trade, absolute and comparative advantage, and the determination of patterns of trade. The classical model, the endowment model, and the specific factor model. Imperfect competition and government policies as determinants of trade. Increasing returns to scale. Trade and factor movements in the international economy. Empirical tests of trade models. Tariffs, nontariff barriers, administered protection. Quotas, and other nontariff barriers. Effects of trade policies on employment, prices, income distribution, and national economic welfare. Case studies.

Prerequisite: one undergraduate course in macroeconomics and one undergraduate course in microeconomics. Prerequisite or corequisite: Economics 7025X [725.1X].

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