Trade, Wealth Creation, and American Agriculture Babcock, Bruce Babcock, Bruce
dc.contributor.department Center for Agricultural and Rural Development 2018-02-16T21:48:37.000 2020-06-30T04:54:39Z 2020-06-30T04:54:39Z 2015-08-11 2015-08-11
dc.description.abstract <p>Why do we trade? Most Americans would answer this question with some reference to the benefits of expanded markets for U.S. goods and more job opportunities. However, if asked the question, why do we work? most would respond that we work to earn money so that we can buy things. At a personal level, we intuitively know that trading our specialized labor with others (using money as the means of transactions) gives us a higher standard of living than if we tried to produce everything ourselves. We know and act on the knowledge that specialization enhances our individual wealth. But economists have known for more than 200 years that what holds at the individual level also holds nationally. A country will have more wealth and a higher standard of living if the country specializes in producing those products that it is relatively good at producing, exporting the surplus, and using the proceeds to buy imported products.</p>
dc.identifier archive/
dc.identifier.articleid 1185
dc.identifier.contextkey 7448282
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath iowaagreview/vol7/iss4/1
dc.source.bitstream archive/|||Fri Jan 14 17:32:27 UTC 2022
dc.subject.disciplines Agricultural and Resource Economics
dc.subject.disciplines Agricultural Economics
dc.subject.disciplines Economic Policy
dc.subject.disciplines International Economics
dc.subject.disciplines International Trade Law
dc.title Trade, Wealth Creation, and American Agriculture
dc.type article
dc.type.genre article
dspace.entity.type Publication
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