1E 101: Short Note – 2 (Ricardian Model) (* Lectures are mainly based on our textbook, Krugman’s International Economics: Theory and Policy. Thorough reading of the text in addition to active participation in classes is strongly recommended. This note is just a short list of topics we discuss in class for your reference.) I. Classic Trade Theory * Major Questions: i) Why trade at all? ÆWhat is the source of gains from trade? ii) What is the effect of trade? -the effects of trade on income redistribution -the effects on social welfare
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