In this chapter we really got into comparative advantage andgains from trade. We highlighted the ben

In this chapter we really got into comparative advantage andgains from trade. We highlighted the benefit of trade, and showedthat it works BOTH on the micro (individual) and macro (economy)level. Often the discussion of free trade is contrasted bycomparing to its logical opposite, “protectionism”. “Protectionism”is an idea that certain domestic industries should be protected(from new products or foreign producers) in order to ensure thattheir employees aren’t negatively impacted. Those who favorprotectionism have very good intent, but it is almost universallyviewed as bad for economic welfare by professional economists. There are multiple factors at work here. First, there’s aconcept called “Creative Destruction”. Creative Destruction is theconcept that new technology disrupts the existing model so muchthat old industries will be replaced with new industries. (Thinkthe automobile industry destroying the horse and horse relatedbusiness, the computer destroying the typewriter, the digitalcamera destroying film, Streaming video replacing VHS, etc). Thecreation of the new improved product DOES displace those who are inthe old industry. It IS harmful to those impacted. However, thereis clearly a benefit from the newer, improved product to society asa whole. With each evolution, societal welfare has improved, but itcosts some their jobs (until they can be retrained and utilizedelsewhere). Both trade and creative destruction causes areorganization of resources and people. It’s destructive, butpowerful. Question #1) If you were an economic advisor, briefly (one paragraph) explainwhich of the following would be your primary economic goal:Protecting existing jobs and industries or improving societalwelfare? How could you
economically explain yourposition?   Watch this 3-minute Video on Creative Destruction. Identify a market that has been fundamentally changed due tocreative destruction (not one mentioned in the video). Explain howthe negative impacts are often more visible than the positiveimpacts.   . . .

 

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