GINS 2010 Lecture Notes - Lecture 4: Stock Trader, Corn Laws, Political Economy
3 Mar 2017
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Lecture w - 4 (feb 1) gins 2010. Midterm: released on feb 15, open book, covered in class and in discussion topics. = main drivers of poverty alleviation or income. Is it cheaper to buy things abroad: ex. bananas (peru) - if produced here in canada = more expensive. Time of empire, countries very keen to protect their industries, to control territory. Follower of adam smith, advocated for economic liberalism and free markets: political economist. Promoted end of slavery and the corn laws, and democratic reforms in the uk: beyond borders, if can do it globally thus would be so much wealthier. Basic concepts ***: opportunity cost: what you give up of some good for the opportunity of having or producing another one. Not measured in 10697 but in terms of each good: absolute advantage: goes to whom can produce a good with the smaller quantity of inputs or time, or more output per unit of input/time.
