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The Benefits Of International Trade: Econ-1 with John Taylor

International trade allows countries to consume more goods than they can produce on their own. They can do so by specializing in the production of goods for which they have a comparative advantage. This is true even if the country has an absolute advantage on producing all goods more efficiently than the other countries it can trade with. For more information, visit: http://bit.ly/2G82CGr • To view the other videos in the Econ 1 series, visit: http://bit.ly/2DARrrk • To view all of the online classwork to Econ 1: Principles of Economics, visit: http://stanford.io/2Gcqlp2 • Read John Taylor’s blog on The Fed’s Inflation Target and Policy Rules; available here: http://bit.ly/2BnRrpz • For a further explanation of comparative and absolute advantage, read “Comparative Advantage” by Library of Economic and Liberty; available here: http://bit.ly/2k0VsZX • Hoover Institution fellow John Taylor discusses President Trump's economic agenda, tax reform, trade issues, and Fed policy; available here: https://bloom.bg/2DtxI9E • Hoover Institution fellow John Taylor discusses the stock market bull run as well as Taylor's five keys for restoring America's prosperity; available here: http://bit.ly/2n3Hybg • In John Taylor: Institute Of International Finance Policy Summit, Hoover Institution fellow John Taylor discusses US economic growth, tax reform, monetary policy, and so much more, available here: http://cs.pn/2E4sZw4 • In their book, “Rules for International Monetary Stability” Hoover scholars and editors  John Taylor, Michael Bordo, and Richard Clarida, discussed how monetary policy has deviated from a rules-based approach in much of the world and economic performance and stability has deteriorated and how proposals for rules-based reform in each country would deliver a rules-based international monetary system that can better reconcile reasonable free and open markets with independent national policies and stability; available here: http://hvr.co/2A5zEUh