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International Trade: Theory and Policy
Economics is a social science whose purpose is to understand the workings of the
real-world economy. An economy is something that no one person can observe in its
entirety. We are all a part of the economy, we all buy and sell things daily, but we cannot
observe all parts and aspects of an economy at any one time.
For this reason, economists build mathematical models, or theories, meant to
describe different aspects of the real world. For some students, economics seems to be
all about these models and theories, these abstract equations and diagrams. However, in
actuality, economics is about the real world, the world we all live in.
For this reason, it is important in any economics course to describe the
conditions in the real world before diving into the theory intended to explain them. In
this case, in a textbook about international trade, it is very useful for a student to know
some of the policy issues, the controversies, the discussions, and the history of
international trade.
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