Econ 257 students will be able to:
- Explain the key developments (models) in the intellectual history of the study of the patterns of trade in goods and services from Adam Smith through the present.
- Broadly discuss the evidence which supports or is contrary to the application of these developments to particular countries and goods and services.
- Analyze policy within the context of these models in order to gain insights about the patterns of trade.
- Analyze the gains from international trade with these key models and understand the political economy of trade (who gains and who loses from trade).
- Analyze the patterns, gains, and losses from international trade (migration) in financial and direct foreign investment and labor migration in the short and long runs.
- Analyze the reasons for international outsourcing portions of production and the gains and losses from doing so.
- Identify how trade in goods, services, and capital enter the international income accounts and the balance of payments.
- Discuss how exchange rates affect trade and how trade, fiscal, and monetary policy affects exchange rates.
- Explain the essential differences in fiscal and monetary effects for floating and fixed exchange rates.
- Broadly discuss the development of U.S. trade policy and the world institutions that support international trade and finance.