16min chapter

Macro Musings with David Beckworth cover image

20 - Douglas Irwin on Free Trade, the Gold Standard, and American Economic History

Macro Musings with David Beckworth

CHAPTER

Challenges and Benefits of Trade Policies

The chapter delves into the complexities economists face in quantifying the advantages of trade compared to measuring the costs of protectionist actions. Various studies are discussed, highlighting the gains from trade in terms of productivity enhancements, consumer choice, efficiency improvements, and income growth. The historical context of trade policies in countries like India and the United States is explored, illustrating the challenges, debates, and conflicts surrounding trade agreements and tariffs throughout history.

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