The Choice

The Choice : A Fable of Free Trade and Protectionism, Updated and Revised Edition

3.72 (350 ratings by Goodreads)
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Description

This supplement is appropriate for principles of economics, surveys of economics, international economics, international trade, or managerial economics. No prior economics is assumed, but the material can be taught at all levels.Written as a novel, the book makes the complex concepts, issues and terminology of international trade understandable for students. David Ricardo comes to life to discuss international trade theory and policy with Ed Johnson, a fictional American television manufacturer seeking trade protection from television manufacturers. Their dialogue is a sophisticated, rigorous discussion of virtually every major issue in trade theory and policy. To illustrate the positive and normative effects of international trade and trade policy, Ricardo takes the reader and Ed Johnson into the future to see an America of free trade and an America of complete self-sufficiency. The fictional element brings these topics to life so that students gain the intuition and understanding of how trade changes the lives of people and the industries they work in. The fundamental intuition of how international markets function including general equilibrium effects and policy analysis is provided.show more

Product details

  • Paperback | 116 pages
  • 149.86 x 223.52 x 10.16mm | 204.12g
  • Pearson Education (US)
  • Pearson
  • United States
  • 0130870528
  • 9780130870520

Review quote

"Brilliantly conceived."-Martin Wolf, Financial Times"Gather around all of you who have been flummoxed by concepts like comparative advantage and purchasing power parity, puzzled about the difference between a tariff and a quota, or confused about which is better-fair trade or free trade. Russell Roberts explains the mysteries of global life in a heartwarming tale you won't soon forget."-Susan Lee, The Wall Street Journal"Russell Roberts' clever allegory clearly points out the fundamental danger threatening free trade: the favoring of the few at the expense of the many. More importantly, he makes a difficult situation understandable...and enjoyable!"-Fred Smith, CEO, Federal Express"...Puts the complex...issues surrounding...theemerging global economy into understandable terms. The ending is a surprise, the journey a pleasure. And the payoff for the reader is a broader, more vivid appreciation of trade issues."-Doug Harbrecht, Business Weekshow more

About Russell Roberts

RUSSELL ROBERTS is the John M. Olin Senior Fellow at the Center for the Study of American Business at Washington University in St. Louis. Prior to joining the Center, he taught at the John M. Olin School of Business at Washington University, UCLA, Stanford University, and the University of Rochester. He is also the author of The Invisible Heart (MIT Press, 2001).show more

Table of contents

1. Minutes of the Heavenly Court: Soul of David Ricardo. 2. The Challenge of Foreign Competition. 3. The Roundabout Way to Wealth. 4. Is Trade Good for America? 5. The New Generation of American Know-How. 6. Do Tariffs Protect American Jobs? 7. Tariffs vs. Quotas. 8. Road Trip. 9. The Case for Protection. 10. Do Trade Deficits Hurt America? 11. Fair Trade vs. Free Trade. 12. Should America Trade Freely with Low-Wage Nations? 13. Self-Sufficiency Is the Road to Poverty. 14. The Choice. 15. A Final Word from David Ricardo. 16. Explanations, Sources, and Further Reading. About the Author. Index.show more

Rating details

350 ratings
3.72 out of 5 stars
5 24% (83)
4 37% (129)
3 30% (104)
2 8% (28)
1 2% (6)
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