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The principle of comparative cost advantages is not really a practical one in contemporary foreign trade, so therefore the need to have an absolute. Terms of trade and export promotion are very essential in making an international trade process very successful. how can these elements help? The principle of Absolute Advantage This was propounded by [...]

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The newest version of the widely used Principles of Economics textbook will run without a Tiger Woods reference: “Previous editions of the textbook used an example entitled, ‘Should Tiger Woods Mow His Own Lawn?’ the sixth edition of the book replaced the previous example with one featuring quarterback Tom Brady…”  ”From my perspective, this was [...]

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Jeremy Warner, 11:45, Friday 16 September 2011 The EU leaders’ rhetoric in Paris makes it clear that they are not facing up to the existential crisis. Beneath the grandiose rhetoric of this week’s mini-summit in Paris between Angela Merkel and Nicolas Sarkozy, a rather more important story was breaking. This was the news that the [...]

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There is nowhere left to hide. America’s governing elites begin to internalize the magnitude of their failure to generate jobs.  CBO now predicts worse than 8% unemployment until 2014.  America begins to engage, seriously, with the implications of the faltering dollar and reconsider the appeal of the gold standard. from the new Yorker to the National [...]

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