Ideas and discussions about economic and financial literacy issues.
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Friday, June 24, 2011
Specialization and Trade vs. Self-Sufficiency.
This is why trade makes us better off...we all can't be good at everything. Of course there is the satisfaction (utility) you receive from doing it yourself.
All entries prior to August 15, 2007 appeared on the economic education blog of the Federal Reserve Bank of Chicago. Entries between August 15, 2007 and July 31, 2009 were under the auspices of the Powell Center for Economic Literacy in Richmond, VA.
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