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Gains from Trade

In: Principles of Microeconomics

Author

Listed:
  • Martin Kolmar

    (University of St. Gallen)

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.

Suggested Citation

  • Martin Kolmar, 2017. "Gains from Trade," Springer Texts in Business and Economics, in: Principles of Microeconomics, chapter 2, pages 25-42, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-57589-6_2
    DOI: 10.1007/978-3-319-57589-6_2
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