2.7.11 - X down M up Adam Smith(1923-1990 Trade not...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
2/6/2011 Eco 3250 Mercantilism- Rulers turned to sucessful merchants for advice on trade policies. In 17 th and 18 th century. David Hume – specie (money) – flow mechanism Gold up( money up) spending up inflation exports more expensive + imports cheaper
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: X down + M up Adam Smith (1923-1990) Trade not zero-sum game but benefits all parties Factor inputs price Smith: 1 factor labor “Labour theory of value”...
View Full Document

This note was uploaded on 04/17/2011 for the course ECON 3250 taught by Professor Shaw during the Spring '11 term at CUNY Baruch.

Ask a homework question - tutors are online