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Source link: http://archive.mises.org/15881/trade-is-made-of-win-part-1/

Trade is Made of Win, Part 1

March 3, 2011 by

The Institute for Humane Studies is putting together (and beta-testing) a series of short videos on basic principles of economics and the classical liberal tradition; they’re available at LearnLiberty.org. Here the first of my three “Trade is Made of Win” videos, which you might find useful if you’re teaching comparative advantage. In it, I explain how trade allows both buyers and sellers to get more for less effort. In short, buyers get lower prices and sellers get higher prices.

{ 17 comments }

Jeffrey Tucker March 3, 2011 at 9:58 am

Now, THAT was a great explanation. It is a tricky but mind blowing topic and you really compressed it down to its essentials and gave a great example.

Daniel Hewitt March 3, 2011 at 8:48 pm

Comparative advantage is indeed tricky; Paul Krugman has managed to un-learn it.

iawai March 3, 2011 at 10:19 am

In the new Sheen colloquialisms, Free Trade has Tiger Blood, it is Winning.

Thomas Trosko March 3, 2011 at 12:11 pm

I will post that on my site for teachers to use. Thank you for posting it!

DayOwl March 3, 2011 at 1:12 pm

Nice. Concise. Well done.

I’ll be showing it to my kids.

Cory Brickner March 3, 2011 at 2:42 pm

Nicely done Art! “Economics for Dummies” for the YouTube generation!! This is an awesome idea.

David Koch March 3, 2011 at 3:18 pm

Nicely done, IHS, and very subtle! Fritz is vastly superior to Lou… +$1,000,000 for next year’s allowance.

-Dave

Tyrone Dell March 3, 2011 at 3:48 pm

Man, I love these videos. This video, along with the previous two that were posted here a couple days ago, reminds me of the “George Ought To Help” video that has been floating around the web for a while.

Its short (under 5 minutes!), concise, straight to the point, and it leaves viewers eager to delve in and learn some real economics.

mhsp March 3, 2011 at 4:01 pm

While I found your choice of names and production quite weird, I liked it a great deal over all.

JD March 3, 2011 at 4:11 pm

Fritz: Friedrich Hayek
Lou: Ludwig von Mises

Look at their pictures =)

Michael Richards March 3, 2011 at 4:41 pm

I know, its kinda funny lol

augusto March 3, 2011 at 5:37 pm

I like the video, I like prof. Carden’s voice, the drawings are pretty and colorful.

But, the conclusion was not demonstrated. Prof. Carden ends saying, “with trade, everybody wins”, but that was not shown.

This article, also by prof. Carden, explains it better: http://mises.org/daily/3134 , in my opinion.

augusto March 3, 2011 at 5:50 pm

Another good article on the topic: http://mises.org/daily/3015

Jeffrey makes the “wealth creation” even clearer.

“Let’s total up the production. Before cooperation: 18 bagels and 8 pies. After cooperation: 20 bagels and 8 pies.”

Amanojack March 4, 2011 at 10:32 am

The best way to show the benefit of trade is to show it happening continuously over and over, how they wealth of socks and corn keeps mushrooming in comparison with before they started trading.

Art Carden March 3, 2011 at 7:29 pm

Thank you all for your kind words! Parts 2 & 3 will make the “wealth production” aspect clearer and show that trade conserves resources.

Bruce Koerber March 4, 2011 at 11:56 am

I didn’t know that Hayek’s nickname was Fritz!

Vanmind March 20, 2011 at 4:13 pm

Great stuff, professor Carden. Please keep ‘em coming.

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