The positive effects of free trade stem from the concept of comparative advantage and have been well studied and understood. Comparative advantage says that the country that sacrifices less to make a good A relative to good B should produce good A. When countries specialize in areas with a comparative advantage, the global economy can…

Kenneth J. Arrow, a Nobel Laureate in economics, introduced the concept of ‘Learning by Doing’ to explain how technical change and productivity improvements emerge from practical experience in production. According to Arrow, as firms and workers produce goods, they don’t just repeat tasks—they gain knowledge, refine processes, and innovate. This hands-on experience leads to greater…

The Trump administration’s tariffs are a bold gamble with significant trade-offs. On the upside, they could revitalize domestic industries, strengthen labor’s bargaining power, and push for fairer global trade. On the downside, they risk higher prices, lower corporate profits, and a destructive trade war. Their success depends on smart execution and effective integration with policies…