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Tag Archives: luxury good

That trading thing people do

Canadian economist Nick Rowe made a comment on a blog post on comparative advantage that bugged me: The way I teach it, all gains from trade come either from differences between people, like comparative advantage, or else from economies of scale. So I think gains from trade is not more basic than comparative advantage. Gains […]

Bilbo baggage

The further back you can look, the further forward you are likely to see. Winston Churchill. With the release of the first film of The Hobbit trilogy, An Unexpected Journey, the blogosphere is rife with Middle Earth allusions. My favourite is Frances Woolley’s wonderful post (with some great comments) The Macroeconomics of Middle Earth, though […]