We’ll look at the costs and consequences of tariffs, quotas, and protectionism. How do tariffs affect consumers? What about producers? Who wins and who loses? Find

We’ll look at the costs and consequences of tariffs, quotas, and protectionism. How do tariffs affect consumers? What about producers? Who wins and who loses? Find out with this video.

We’ll apply the fundamentals we learned in the supply, demand, and equilibrium section of this course to real-world examples — like that of protectionism in the U.S. sugar industry — to determine lost gains from trade or deadweight loss, the tariff equilibrium vs. the free trade equilibrium, and the value of wasted resources as a result of tariffs.

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Yes that might be true in cases where same product is produced in developing world and in and of same quality and value. But with comparative advantage and opportunity cost, one will be better at producing one thing while the other will be better at producing other things and free trade between them will bring out the best out of everyone everywhere. Regarding the low skill labor, yes you are right. But with technological advancement, better human capital, better infrastructure capital, better organization and stability of political system, regulations and culture, even the low skill labor will have positive external support that will help them in being more productive in their work compared to those in developing world. Please correct if I am wrong.

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