Gains from Trade

Martin Kolmar ()
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Martin Kolmar: University of St. Gallen

Chapter 2 in Principles of Microeconomics, 2017, pp 25-42 from Springer

Abstract: Abstract This chapter covers … the application of the concept of opportunity costs toward understanding why the process of specialization and trade is potentially beneficial. why the principle of comparative advantage is crucial to an understanding of why societies organize economic activities and to the economic role of institutions. why institutions matter and what an economic theory of institutions has to explain in order to provide a better understanding of societal phenomena like growth, unemployment, globalization, or anthropogenic climate change.

Keywords: Production Possibility Frontier; Additional Kilo; Equal Opportunity Costs; Vital Goods; Tomato (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-319-57589-6_2

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DOI: 10.1007/978-3-319-57589-6_2

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