The Law Of Comparative Advantage

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Zackary Johnson
Econ 2202
Economics (5th ed.) by Walter J. Wessel’s

Chapter 31 Response Paper

1. “The Law of comparative advantage summarizes the main points of the two preceding sections.”
The Law of Comparative Advantage seems to have worked well for South Africa and the Arab League. If we boost trade with African nations, instead of giving them foreign aid which provides no growth, and instead we help them stimulate their exports, wouldn’t that give them more money for education, healthcare, etc? I believe this is what made China's economy grow, however if the population is healthy and literate they have a greater chance of being a place that attracts foreign investment and increasing trade. That is if you look at the countries that have gotten out of poverty they got healthy before they got rich and usually reduce their population growth rates as well.
2. “One study estimated that tariffs cost every American $500 annually in form of higher prices.”
While reading Wessel’s definition of a Tariff this is how I understood it. Tariffs are double edged swords, they keep employment in country so we can be consumers, but by allowing some imports keep the U.S. in tune with world trade.
I read an article about how Russia has placed import restriction on U.S. poultry. Also, I read about how China announced dumping and subsidy probes of chicken and auto products from the U.S., two days after President Barack Obama imposed tariffs on tires from the Asian nation. How

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