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  • "Trade is Made of Win," Part 1: Wealth Creation One of the most important ideas in all of

  • economics is that trade creates wealth. It’s also one of the least understood ideas in

  • all of economics. Most people think that if two people trade, one of them has to win and

  • one of them has to lose. But one of the ideas that has evolved in economics is that trade

  • creates wealth, and were going to see that in the context of a couple of simple examples.

  • Consider two people, Fritz and Lou. Fritz and Lou can produce two goods. They can produce

  • socks and they can produce corn. In a given year, Fritz could produce 500 socks or 1,000

  • ears of corn. Lou, on the other hand, could produce 25 socks or only five ears of corn.

  • For Fritz, every sock that he produces costs him the opportunity to produce two ears of

  • corn. Same story for Lou. Lou could produce 25 socks or five ears of corn, so every sock

  • costs him one fifth of an ear of corn. Every ear of corn costs him five socks. Suppose

  • that Lou comes up with an idea: Lou goes to Fritz and says, “Hey, tell you what. How

  • about you specialize in corn and I’ll specialize in socks, and then I’ll trade you one sock

  • for every ear of corn youre willing to trade me.” What we want to do is compare

  • the price at which they propose trading to their opportunity costs.

  • If youre Fritz, every sock costs the opportunity to produce two ears of corn. If Fritz is able

  • to trade for socks, then every sock is only going to cost him one ear of corn. Fritz would

  • prefer the trade. Why? Because socks are now cheaper.

  • Let’s see what happens to Lou. If Lou is going to produce corn himself, he has to give

  • up five socks in order to produce that corn. If Lou trades for corn, he only has to give

  • up one sock per ear of corn. Fritz, the buyer of socks, is now able to get socks cheaper.

  • Lou, on the other hand, is able to sell his socks for more than he could get them for

  • if he produced them himself. Fritz wins. Fritz is made better off. Lou wins. Lou is made

  • better off. Trade is made of win or, as your economics professor might have told you, trade

  • creates wealth.

"Trade is Made of Win," Part 1: Wealth Creation One of the most important ideas in all of

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"貿易是由贏來的",第一部分。創造財富 ("Trade Is Made of Win," Part 1: Wealth Creation)

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    Ching Hung Lin 發佈於 2021 年 01 月 14 日
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