Definitions and BasicsBalance of Payments, from the Concise Encyclopedia of Economics
Imports, from AmosWEB’s Economics Gloss*arama.
Exports, from AmosWEB’s Economics Gloss*arama.
Balance of Trade, from AmosWEB’s Economics Gloss*arama.
In the News and ExamplesPopular myth: Aren’t imports bad? Aren’t exports good? Isn’t a trade deficit a bad thing? The very word “deficit” sounds bad! Economic reality: An excess of imports over exports merely sends dollar bills overseas while bringing real goods and services into the country for immediate use. If foreigners want to hold onto those dollars, while we get to put their goods to immediate use benefiting our consumers and creating new investment for our industries, then we get an even better deal! Prohibiting trade severely limits what you can accomplish. Don Boudreaux on the Economics of “Buy Local”. Podcast at EconTalk, April 16, 2007.
The Buy-Locally-Owned Fallacy, by Karen Selick. November 3, 2008.
Photos of the 100-Mile Suit. Buying local example. At Wired, March 31, 2007.
Don Boudreaux on Globalization and Trade Deficits. Podcast at EconTalk, January 21, 2008.
The Balance of Trade, by Frédéric Bastiat. Chapter 6 in Economic Sophisms, first published 1845 in France.
Why not just buy American? Why not just by British? Foreign Trade, or The Wedding Gown, by Jane Haldimand Marcet in John Hopkins’s Notions on Political Economy. 1831.
A Little History: Primary Sources and ReferencesMercantilism, from the Concise Encyclopedia of Economics
Exports and Imports, from Lalor’s Cyclopedia of Political Science
Balance of Trade, from Lalor’s Cyclopedia of Political Science
Mercantile System, from Lalor’s Cyclopedia of Political Science
Advanced ResourcesRelated TopicsBarriers to Trade What is the difference between value of export and import of services?Balance of trade is the difference between the value of export and import of services; transfers payments in a given period of time.
What is exports and imports of goods and services?Exporting refers to the selling of goods and services from the home country to a foreign nation. Whereas, importing refers to the purchase of foreign products and bringing them into one's home country.
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