A discussion of the notion of trade and exchange, including the purpose of these activities, the gains from trade, and the role of comparative advantage. I also examine some recent trends in global trade, and briefly discuss some of the major global trade institutions such as the WTO and World Bank and their role in attempting to reduce trade barriers. The episode concludes with a brief discussion of the concept of 'Buy Local'. Recommended pre-listening is Episode 12: The Price System.
Episode 67: An Overview of Language Part 2
Episode 66: An Overview of Language Part 1
Episode 65: Money, Inflation, and Interest Rates
Episode 64: Knowledge Representation
Episode 63: The Nervous System
Episode 62: Organic Chemistry Demystified
Episode 61: Magnetism
Episode 60: Memory Encoding and Recall
Episode 59: Smell
Episode 58: Taste
Episode 57: Electric Current and Circuits
Episode 55: Sex and Gender Part 2
Episode 54: Sex and Gender Part 1
Episode 53: Sound and Music
Episode 52: Applications of Optics
Episode 51: Acids and Bases
Episode 50: Science Myths and Misconceptions
Episode 49: Market Structure
Episode 48: Theory of the Firm
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