Economic Theories and Trade Policy
The course will be taught in three main modules:
Module A serves as the introduction to the course, introducing the students to the fundamental principles of economics; supply and demand and how markets work; welfare economics and market efficiency.
Module B introduces students to the basic concepts and theories of international trade. It focuses on comparative advantage; the conditions under which mutually beneficial trade can occur between nations and offers explanations as to how such conditions might arise.
Module C deals with international trade or commercial policies. It examines tariffs, the most important of the trade restrictions historically, extends the discussion to other trade restrictions, evaluates the justification usually given for trade restrictions, and summarises their history. It also deals with economic integration.