Principles of Microeconomics / Unit 16 MIC 1509 short lesson, about 20 seconds
What the Gains from Trade Are Worth
Captions available
The idea
Estimates of the gain from cutting barriers are under one percent of world output; but it recurs yearly, and estimates miss variety, competition and transferred knowledge. Small economies gain most.
In practice
The World Trade Organization negotiates in rounds; Doha, launched in two thousand one, is the latest launched.
Where people slip
Weigh the estimate: the share, the recurrence, and what it leaves out.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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