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Cocktail Party Economics: Case Study

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In chapter five of the Cocktail Party Economics, it explained about the comparative advantage in several different points. At first, it talked about specialization; then it talked about getting technical, bumper sticker protectionism, dynamic change, and national sacrifice.
From a recent study conducted by the Dubai Chamber of Commerce and Industry in the run-up to the Global Business Forum on Latin America taking place on November 9-10 in
Dubai, Dubai 's non-oil trade with Latin America reached Dh17billion value in 2015. The sum shows growth by 26 percent when compared with the Dh13.5 billion deal in 2010, and it goes on to a continued increase in business until 2018. The reason for the positive growth every year is because of the comparative advantage, for instance, Dubai …show more content…

Specialization allows us to do more with what we have, "more production leads to more consumption" (CPE, 53). "Whoever has the lowest opportunity cost in a particular activity has the comparative advantage in that activity" (CPE, 54).
For protectionism, I think both of Dubai and Latin America should take away most of the protectionism; those include tariffs, quotas which allow only a limited amount to enter the country, rules and regulations, and government subsidies and tax breaks. The country shouldn 't just consider itself, it should examine how protectionism in one sector affects the country as a whole. For example, If Dubai wants to protect their cane sugars, but the protection of the cane sugars would generate a huge loss concerning a drop in cane sugar consumption. It is going to be cheaper to pay the workers who cannot move to another place pension than to protect their jobs to keep them from unemployment. "Protectionism of this sort is a trap that decreases the overall value to all citizens as it tries to help a few of them" (CPE, 59). What the main reason of Dubai import cane sugars from Brazil is not because of the taste, it is because Brazil has a

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