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SUMMER SCHOOL 6: Trade & The Better Life
Planet Money
Comparative Advantage in Trade, Sumia Chad
CNN's John Sutter looks at the concept of comparative advantage in trade. He says Columbia doesn't have an absolute advantage in making t-shirts anymore because wages have grown. But a country can make semiconductors or laptops really, really effectively, he says. And then you will specialize in trade, and those countries overall will be better off,. Their options have expanded because everyone's doing the best thing that collectively their best are doing," writes Sutter.
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