Transcription of Tradable and Nontradable Goods - gdsnet.org
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Tradable and Nontradable Goods - gdsnet.org
Chapter 21 Tradable and Nontradable Goods So far, we have assumed that all commodities are subject to international trade. Now, in this chapter, we introduce a simple and important reality that has profound implications for the workings of an economy. The fact is that some Goods are Nontradable . Nontradable Goods , of course, can only be consumed in the economy in which they are produced; they cannot be exported or imported. And their presence affects every impor- tant feature of an economy, from price determination, to the structure of output, to the effects of macroeconomic policy. Consider the proverbial barber shop. The barber's clientele probably comes from the neighborhood, and it certainly comes from within the domestic economy.
chapter 21 Tradable and Nontradable Goods So far, we have assumed that all commodities are subject to international trade. Now, in this chapter, we introduce a simple and important reality
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