International Trade, Public Goods, and Externalities

Overview

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This course empowers you to analyze the complexities of global markets, from the gains and losses of international trade to the impact of trade restrictions. You will learn to differentiate between public, private, and common resources, and explain how externalities cause market failures like the tragedy of the commons. This provides a critical framework for evaluating government policies and understanding some of today’s most pressing economic and environmental challenges.

Syllabus

International Trade, Public Goods, and Externalities

In this course, we will focus on global trade, resource categories, and the societal consequences of economic actions. You will explore the dynamics of global markets in action, where supply and demand meet on a global scale. You will also assess trade restrictions, comprehending their dual impact on economies. This course also defines and discusses public, private, common, and club goods, emphasizing resource allocation efficiency using MSC and MSB graphs. You will also learn about the consequences of externalities, understanding how unaccounted-for costs and benefits impact economic decisions.