http://blog.strafenet.com/2008/06/04/economics-and-its-consequences/ Since 2004 Sun, 18 Dec 2011 14:54:08 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://blog.strafenet.com/2008/06/04/economics-and-its-consequences/comment-page-1/#comment-31880 Tim Thu, 05 Jun 2008 06:51:34 +0000 http://blog.strafenet.com/2008/06/04/economics-and-its-consequences/#comment-31880 For one thing, you can open up international free trade by reducing tariffs. A more open market is essentially a larger market, which can absorb demand shocks and supply shocks more easily than each market individually. The elasticity of supply is still low, but shocks to the supply curve of a single country is less devestating for the whole. For one thing, you can open up international free trade by reducing tariffs. A more open market is essentially a larger market, which can absorb demand shocks and supply shocks more easily than each market individually. The elasticity of supply is still low, but shocks to the supply curve of a single country is less devestating for the whole.

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