00:01
So why do economists like trade, right? the traditional answer goes something like this.
00:07
Traditionally, you would say, look, markets allow for free exchange.
00:13
So if people are participating in markets, both sides must be better off, right? free exchange.
00:21
If people participate in markets, it must be making them better off, right? so when you open your markets internationally, you have more opportunities.
00:34
To benefit, right? mark, more options, right? markets are options.
00:42
You can shop around, you can buy different types of products, maybe you can buy different prices.
00:47
More markets are more opportunities to benefit from trade.
00:52
In particular, they also think that another option thing that happens is that trade allows for, for positive change.
01:04
So not only will you get more options by opening to the rest of the world.
01:08
Once you open to the rest of the world, you can change your behavior to benefit, right? you can specialize in what you're good at.
01:19
So if you don't trade, you have to produce everything at home, right? you have to produce everything that you want yourself.
01:26
But when you do open yourself to trade, you can then not produce everything you need, right? you can buy stuff from other people and you can sell stuff to other people...
