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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What are some ways that governments can help people who lose from trade?

To determine

The ways in which the government can help those who lose from trade.

Explanation

International trade is the exchange of goods and services across borders. Generally, not everyone gains from trade and not everyone loses from trade either. It can be said that usually, when a country opens to trade, the workers in the export specific good industry benefit and the workers in the import specific good industry lose. Apart from this, the producers of the export good gain from international trade because of increased production and profitability. While, the producers of import good confront foreign competition in home market and are the sufferers. However, consumers generally benefit from international trade due to larger available varieties, reduced prices, availability of world class products, etc.

To help those who lose from trade, the government can take the following steps:

  1. Government can provide subsidy to the loss-making producers that suffer due to imports from foreign producers...

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