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Choice, The: A Fable of Free Trade and Protectionism, Updated and Revised Edition
Russell Roberts, Washington University in Saint Louis

ISBN-10: 0130870528
ISBN-13: 9780130870520

Publisher: Prentice Hall
Copyright: 2001
Format: Paper; 116 pp
Published: 05/01/2000

This supplement is appropriate for principles of economics, surveys of economics, international economics, international trade, or managerial economics. No prior economics is assumed, but the material can be taught at all levels.

Written as a novel, the book makes the complex concepts, issues and terminology of international trade understandable for students.
David Ricardo comes to life to discuss international trade theory and policy with Ed Johnson, a fictional American television manufacturer seeking trade protection from television manufacturers. Their dialogue is a sophisticated, rigorous discussion of virtually every major issue in trade theory and policy. To illustrate the positive and normative effects of international trade and trade policy, Ricardo takes the reader and Ed Johnson into the future to see an America of free trade and an America of complete self-sufficiency. The fictional element brings these topics to life so that students gain the intuition and understanding of how trade changes the lives of people and the industries they work in. The fundamental intuition of how international markets function including general equilibrium effects and policy analysis is provided.

This product accompanies:
Roberts, Choice, The: A Fable of Free Trade and Protection, 3/E

NEW - New chapter on trade deficits—Added due to its growing importance since the early 1990's (Chapter 10).
- <%-1>Discusses causes, history and employment effects of trade deficits. Ex.___

NEW - New chapter on trade with low-wage nations.
- Added due to the growing importance since the early 1990's (Chapter 12).

NEW - Discussions have been added—Environmental issues, labor standards, and the World Trade Organization.
- Hot topics that students can relate to are covered. Ex.___

NEW - Recent developments like the Internet have been added to the discussion.

Every major topic of trade policy is covered—Including comparative advantage, dumping, tariffs, optimal tariffs, quotas, trade agreements, and the industrial policy.
- Provides a complete picture of trade policy. Ex.___

Fundamental intuition behind the standard graphical treatments of international trade and trade policy is provided.
- Enhances students' understanding of standard analyses of comparative advantage, tariffs, quotas, and short-run and long-run welfare effects of trade policies. Ex.___

Material comes to life in a unique way, going beyond the standard boxed applications in books.
- Through the characters, students see how the theory works in the real world. Ex.___

Rich real-world issues are provided for <%-1>students to discuss or research in depth.
- Makes economics fun without sacrificing rigor. Ex.___

New chapter on trade deficits—Added due to its growing importance since the early 1990's (Chapter 10).
- <%-1>Discusses causes, history and employment effects of trade deficits. Ex.___

New chapter on trade with low-wage nations.
- Added due to the growing importance since the early 1990's (Chapter 12).

Discussions have been added—Environmental issues, labor standards, and the World Trade Organization.
- Hot topics that students can relate to are covered. Ex.___

Recent developments like the Internet have been added to the discussion.

1. Minutes of the Heavenly Court: Soul of David Ricardo.

2. The Challenge of Foreign Competition.

3. The Roundabout Way to Wealth.

4. Is Trade Good for America?

5. The New Generation of American Know-How.

6. Do Tariffs Protect American Jobs?

7. Tariffs vs. Quotas.

8. Road Trip.

9. The Case for Protection.

10. Do Trade Deficits Hurt America?

11. Fair Trade vs. Free Trade.

12. Should America Trade Freely with Low-Wage Nations?

13. Self-Sufficiency Is the Road to Poverty.

14. The Choice.

15. A Final Word from David Ricardo.

16. Explanations, Sources, and Further Reading.

About the Author.

Index.

International Economics [SUPPLEMENTAL/VALUE PACK ITEMS] (Economics)
International Trade [SUPPLEMENTAL/VALUE PACK ITEMS] (Economics)
One-Semester Principles of Economics [SUPPLEMENTAL/VALUE PACK ITEMS] (Economics)
Two-Semester Principles of Economics [SUPPLEMENTAL/VALUE PACK ITEMS] (Economics)
Principles of Microeconomics [SUPPLEMENTAL/VALUE PACK ITEMS] (Economics)
Principles of Macroeconomics [SUPPLEMENTAL/VALUE PACK ITEMS] (Economics)

Choice, The: A Fable of Free Trade and Protection, 3/E
Roberts
©2007 | Prentice Hall | Paper; 144 pp | Instock
ISBN-10: 0131433547 | ISBN-13: 9780131433540
Net price: $17.50 (What's this?)Brief Description

Target Market: for principles of economics, surveys of economics, international economics, international trade, or managerial economics. No prior economics is assumed, but the material can be taught at all levels.

Written as a novel, the book makes the complex concepts, issues and terminology of international trade understandable for students.

Professors complain that their students cannot grasp the nature of how some economic tools are used or how they work in life. This novel bridges the gap of concepts with applications by use of a fictional story.

David Ricardo comes to life to discuss international trade theory and policy with Ed Johnson, a fictional American television manufacturer seeking trade protection from television manufacturers. Their dialogue is a sophisticated, rigorous discussion of virtually every major issue in trade theory and policy. To illustrate the positive and normative effects of international trade and trade policy, Ricardo takes the reader and Ed Johnson into the future to see an America of free trade and an America of complete self-sufficiency. The fictional element brings these topics to life so that students gain the intuition and understanding of how trade changes the lives of people and the industries they work in. The fundamental intuition of how international markets function including general equilibrium effects and policy analysis is provided.

"Brilliantly conceived."—Martin Wolf, Financial Times

"Gather around all of you who have been flummoxed by concepts like comparative advantage and purchasing power parity, puzzled about the difference between a tariff and a quota, or confused about which is better—fair trade or free trade. Russell Roberts explains the mysteries of global life in a heartwarming tale you won't soon forget."—Susan Lee, The Wall Street Journal

"Russell Roberts' clever allegory clearly points out the fundamental danger threatening free trade: the favoring of the few at the expense of the many. More importantly, he makes a difficult situation understandable…and enjoyable!"—Fred Smith, CEO, Federal Express

"…Puts the complex…issues surrounding…theemerging global economy into understandable terms. The ending is a surprise, the journey a pleasure. And the payoff for the reader is a broader, more vivid appreciation of trade issues."—Doug Harbrecht, Business Week

RUSSELL ROBERTS is the John M. Olin Senior Fellow at the Center for the Study of American Business at Washington University in St. Louis. Prior to joining the Center, he taught at the John M. Olin School of Business at Washington University, UCLA, Stanford University, and the University of Rochester. He is also the author of The Invisible Heart (MIT Press, 2001).

A novel on the global economy? Russell Roberts breaks all the rules in this provocative and whimsical look at the key international economic issues facing America and American business. The Choice stars the ghost of David Ricardo, a nineteenth-century economist. To get his wings he must persuade the CEO of an American television manufacturing company that imports are good for America, even if they destroy the domestic television industry. Free of economic jargon, The Choice gives the reader a new perspective on how international trade affects business and our daily lives.

The choice explores a wide array of global economic issues from tariffs and quotas to the lives of unemployed workers and their children.

This updated and revised edition of THE CHOICE has new data and new discussions of timely topics including:

Trade deficits
Trade with low-wage nations
Environmental issues
Labor standards
Free trade agreements

Course & Discipline Resources

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Prentice Hall Guide to Economist.com
Economist.com
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For One-Semester Principles of Economics

MyEconLab CourseCompass with E-Book 1-semester Student Access Kit (standalone)
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MyEconLab E-College with E-Book Student Access Kit (Standalone)
Pearson
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ISBN-10: 0321621530 | ISBN-13: 9780321621535
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MyEconLab Plus with E-Book Student Access Kit (Standalone)
Pearson
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ISBN-10: 0321621522 | ISBN-13: 9780321621528
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Pearson
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ISBN-10: 0321621514 | ISBN-13: 9780321621511
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MyEconLab with E-Book 1-semester Student Access Kit (Standalone)
Addison-Wesley
©2010 | Prentice Hall | Access Code Card | Instock
ISBN-10: 0321588037 | ISBN-13: 9780321588036
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