Course overview
The course equips students with tools to analyse and deepen their understanding of both classical and more recent developments in trade theory, with a focus on using economic models to analyse policy-relevant questions. Globalisation has significantly transformed Australia and other economies around the world. Recent increases in the flows of goods and services, foreign direct investment, and migration require careful evaluation. It is important to consider who benefits and who is disadvantaged by globalisation, and to understand the implications for workers, consumers, and firms. Additionally, the role of government policy in influencing these phenomena must be examined. The course uses both classical trade theories as well as more recent developments in trade theory.
Course learning outcomes
- Explain the concept of comparative advantage
- Describe the fundamental concepts and implications of trade theories
- Identify potential winners and losers from trade
- Explain comparative static outcomes in fundamental models of international trade