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

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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
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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...
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