Economists overwhelmingly agree that free international trade can improve the standard of living of the trading nations and that tariffs and import quotas reduce general welfare.(Cf. Preamble of Constitution of the United States)
Economists have a unique way of viewing the world(Macro) and mulling over about how to solve problems apropos of globalization. An economist is aware of the chains of deductive reasoning.('A priori') But I would add 'A posteriori' for reference re cause and effect relationship. Law of Comparative Advantage and Law of Supply and Demand should be noted. Tradeoffs should be identified in the context of constraints. Such reasoning would reveal the cost of one option in terms of the foregone benefits of another i.e. Opportunity Cost Principle. Economics has a bearing of efficiency i.e. getting the most out of limited resources. It takes a marginalist of incremental approach. An economist has a predilection to believe that welfare is increased by freedom of choice of consumers in USA or in other nations as well. Transformation of Economics into a lively discipline with the awareness of provocative and powerful political underpinning may be formed into a fabric of a society with applicable policy in the days to come in the USA or other nations too. That is my thoughts about Economics. Francis Shieh a.k.a. Xie Shihao on September 2, 2007 at 6.38 a.m.
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