TOP Codes and Their Impact on Higher Education
TOP codes, a taxonomy of programs and courses, play a crucial role in higher education administration and assessment. Learn about the history, purpose, and usage of TOP codes, and how they influence student success metrics and funding allocation across institutions in the state.
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Free Trade vs. Protectionism Mises University Auburn, Alabama
Two Basic Economic Policies Unhampered Market or state control. One very popular subdivision of economics has been international trade. In a purely free market, such as we are analyzing in the bulk of this work, there can be no such thing as an international trade problem. For nations might then possibly continue as cultural expressions, but not as economically meaningful units. --Rothbard, Power and Market.
Free Market Trade is mutually beneficial. For traders foreign and domestic: Smith Kishimoto ($27,000) Toyota RAV4 Smith Toyota RAV4 ($27,000) Kishimoto $27,000 (Toyota RAV4) (Toyota RAV4) $27,000
Free Market Necessary for Economic Progress Market Division of Labor Capital accumulation Technological Development Entrepreneurial Activity
Intervention Intervention: Adventure in providing privilege General Consequences: Relative Impoverishment Social Conflict
Protectionism Seeks to promote national welfare by extending monopolistic privileges to domestic producers of particular goods. By encouraging exports and inhibit imports. Driven by mercantilist ideology.
Arguments for Protectionism Produce favorable balance of trade Argument: Increasing money flows into nation is beneficial. Reality: In free market, Balance of Payments is merely expression of our desires. We do not need to be afraid of Balance of Trade deficit.
Arguments for Protectionism Benefit domestic producers and their labor. Argument: Tariffs benefit domestic producers and their employees. Reality: Benefits domestic producers at expense of consumers, workers in unprotected industries, and domestic exporters.
Arguments for Protectionism Infant Industry Hamilton s Report on Manufactures (1790). Argument: Allows for development of infant industries until they can stand on their own two feet. Reality: Protection in the form of tariffs imposed for this reason is difficult, if not impossible, to end.
Free Trade vs. Protectionism Free trade allows for maximizing total number of mutually beneficial exchangers Promotes economic progress Protectionism Relative Impoverishment Social Conflict
