Smash Notes

EconTalk

Economics of Trade and Specialization

Russ Roberts, host of EconTalk, does a monologue this week on the economics of trade and specialization. Economists have focused on David Ricardo's idea of comparative advantage as the source of specialization and wealth creation from trade. Drawing on Adam Smith and the work of James Buchanan, Yong Yoon, and Paul Romer, Roberts argues that we've neglected…

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Notes

  1. Why Are Unskilled Americas Better Off Than Skilled Workers Elsewhere

    at 5:14 · Transcript

    In context of economics, self-sufficiency is the road to poverty, while specialization and trade makes us rich. Full answer

  2. How Could an Individual Move to a Higher Level of Prosperity

    at 10:36 · Transcript

    Steal. Improve your productivity. Trade with others. Full answer

  3. Why Are Property Right the Key for Prosperity

    at 12:13 · Transcript

    By stealing from others, you will not enrich yourself. Full answer

  4. What Drives Trade and Specialization

    at 14:54 · Transcript

    Diversity. Trade takes our differences and encourages us to cooperate for a common good. Full answer

  5. How Can We Leverage Our Human Potential

    at 23:36 · Transcript

    We have to leverage our human ability with technology, but it is important to realize that the tools used to increase productivity have to match the size of… Full answer

  6. Why Does It Make Sense to Specialize in a Particular Skill

    at 39:33 · Transcript

    Before the existence of markets for goods and services, people had to learn various skills for themselves just to be able to do those things. Full answer

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