Episode 6

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Published on:

20th Apr 2022

Trade theory

Trade is like the air, if it wasn’t there, we would die. But most don’t think much about it. Well, thank the good creator we have economists, because some of those do think about it. In this episode we explain trade theory by recapping the old greats Adam Smith and David Ricardo. Before moving into the joint recipient in 1977, Bertil Gotthard Ohlin and James Meade. From here we talk about Paul Robin Krugman, today more generally known for punditry, his contribution to new trade theory and economic geometry was well deserved of his 2008 prize. Particularly Meade and and Krugman are in different ways funny to read. We end the episode with a more general talk on the importance of trade.

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Price in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel price is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.

References:

Bertil Gotthard Ohlin Prize Lecture (1977): https://www.nobelprize.org/prizes/economic-sciences/1977/ohlin/lecture/

James Meade Banquet Speech (1977): https://www.nobelprize.org/prizes/economic-sciences/1977/meade/speech/

James Meade Prize Lecture (1977): https://www.nobelprize.org/prizes/economic-sciences/1977/meade/lecture/

Paul Robin Krugman Banquet Speech (2008): www.nobelprize.org/prizes/economic-sciences/2008/krugman/speech/

Paul Robin Krugman Prize Lecture (2008): www.nobelprize.org/prizes/economic-sciences/2008/krugman/lecture/

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EconRoots
Præsenterer dig for alle de videnskabelige tanker, der ligger bag begrebet økonomi
EconRoots er et program om økonomisk teori og økonomisk tænkning. Det er både for dig der kender til økonomi, og for dig som bare er nysgerrig på hvor en af de mest betydningsfulde socialvidenskaber kommer fra og hvad den ønsker at fortælle os. Lyt med fra første sæson hvor vi gennemgår økonomiens teorihistorie og du vil møde betydningsfulde tænkere som Smith, Marx, Schumpeter, Hayek, Keynes og mange flere – En intellektuel nydelsestur der giver dig forståelsen for hvor moderne debatter om ulighed, vækst og tolerance kommer fra.

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Cepos Podcast

CEPOS arbejder for et samfund:

• Hvor det enkelte menneske respekteres som et unikt individ, der i videst muligt omfang kan nyde sin frihed i gensidig respekt for andres frihed, og hvis borgerlige frihedsrettigheder - herunder den private ejendomsret, ytringsfrihed og aftalefrihed - respekteres.

• Hvor borgere, der kan forsørge sig selv, modtager stadig mindre direkte eller indirekte støtte fra det offentlige for dermed at begrænse deres afhængighed af forsørgelse, fritage dem fra offentlig styring og styrke deres selvrespekt. De personlige skatter skal lempes i takt med, at støtten bortfalder.

• Hvor borgere, der ikke kan klare sig selv, hjælpes bedre end nu af det offentlige, der skal respektere dem som individer og give dem mulighed for i videst muligt omfang at indrette deres egen tilværelse og tage ansvar for sig selv.

• Hvor borgerne, civilsamfundet og markedet overtager stadig flere opgaver fra de skattefinansierede og politisk styrede, offentlige institutioner.

• Hvor det private erhvervsliv - uden at modtage statsstøtte i nogen form - sikres de bedst mulige skatte- og rammevilkår for at kunne konkurrere i den globale økonomi og dermed sikre vækst og velstand.

CEPOS (Center for Political Studies) is an independent Danish think tank promoting conservative and classical liberal ideas. CEPOS works for a society with more personal and economic freedom, rule of law, democracy and a limited government sustained by healthy civil institutions such as family, civil associations and cultural life.