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Roberts on Smith, Ricardo, and Trade
Manage episode 59820860 series 60278
Content provided by EconTalk: Russ Roberts and Library of Economics. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by EconTalk: Russ Roberts and Library of Economics or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Russ Roberts, host of EconTalk, does a monologue this week on the economics of trade and specialization. Economists have focused on David Ricardo's idea of comparative advantage as the source of specialization and wealth creation from trade. Drawing on Adam Smith and the work of James Buchanan, Yong Yoon, and Paul Romer, Roberts argues that we've neglected the role of the size of the market in creating incentives for specialization and wealth creation via trade. Simply put, the more people we trade with, the greater the opportunity to specialize and innovate, even when people are identical. The Ricardian insight masks the power of market size in driving innovation and the transformation of our standard of living over the last few centuries in the developed world.
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Manage episode 59820860 series 60278
Content provided by EconTalk: Russ Roberts and Library of Economics. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by EconTalk: Russ Roberts and Library of Economics or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Russ Roberts, host of EconTalk, does a monologue this week on the economics of trade and specialization. Economists have focused on David Ricardo's idea of comparative advantage as the source of specialization and wealth creation from trade. Drawing on Adam Smith and the work of James Buchanan, Yong Yoon, and Paul Romer, Roberts argues that we've neglected the role of the size of the market in creating incentives for specialization and wealth creation via trade. Simply put, the more people we trade with, the greater the opportunity to specialize and innovate, even when people are identical. The Ricardian insight masks the power of market size in driving innovation and the transformation of our standard of living over the last few centuries in the developed world.
…
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Similar to EconTalk Archives, 2010
Montgomery & Co. is a weekly podcast where WNBA champion and part-owner of the Atlanta Dream Renee Montgomery is joined by her mother Bertela Montgomery, her sister Nicole Young and her wife Sirena Grace as they chart a unique path through the business world as four black and brown women keeping their family first at all times. Both insightful and compelling, this one-of-a-kind talk show combines interviews with some of the world’s top innovators & entrepreneurs with sports and culture conve ...
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…
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continue reading
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