Years of Poems and Spirits

Class notes here.

Concept keywords:
Partial equilibrium framework, general equilibrium, classical and neoclassical framework.
Absolute advantage, comparative advantage, utility curve, indifference curve, isoquant, isocost line, diminishing return
The Edgeworth box, factor, output
Production Possibility Frontier (PPF), Consumer Possibility Frontier (CPF)
Autarky, willingness to trade, offer curve, terms of trade
Heckscher-Ohlin theorem, Stolper-Samuelson theorem, factor price equalization, comparative advantage
Leontief paradox, product cycle theory, Linder theory
Imperfect competition, price discrimination
Gains from trade (classical, partial equilibrium analysis, neoclassical analysis–PPF, BL, etc.), consumption gains vs. production gains, distribution of gains
Factor flow: capital flow, labor flow–consider together with comparative advantage, Rybczynski theorem
Trade policy: government instruments, impacts of tariff, quota, subsidy, tax, etc.
New Protectionist arguments: infant industry, extract profit from foreign monopoly.
Nash equilibrium, prisoners’ dilemma, payoff matrix.

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