For all of each of the chapters, David and Ed were
solving the problems for the macroeconomics in the real world that dealt with
foreign competition, the roundabout way to wealth, trade, manufacturing versus
service jobs, outsourcing, tariffs versus quotas, and the case for protection
in other countries. David was very successful for his theory as an Economist.
Ed were very proud of himself about his business, and he had achieved the
certificates and rewards in his company.
On the Case for Protection, Ed struggled for the case for
protection. Tariff had been removed. The price of televisions will be falling
down. The consumers buy higher television that enjoy to watch the television.
American has the right that was buying with the television for the freedom. Ed
was secured for his Stellar Television company.
On the Tariffs versus Quotas, Tariffs were caused by
unemployment. No one did not know and saw the pharmaceutical plant or computer
plant that is not set it up. These plants were tough. Tariffs were on importing
the television. Frank Bate’s bill was a quota. It reduced in foreign supply, so
the prices went up for the television. For quota, American lost from too few
televisions purchased and too many resources to produce television. For a
tariff, American claimed goods and services.
On the outsourcing, the outsourcing experienced outside
the company for a particular service (32). For example, computer was also
having gadgets such as Internet and tools. Tools used the networking, web
design, databases, and security. American were supportably outsourcing the
company. “They made very wealthy for using Indian computer programmer” (36).
Advanced technology came very resourceful and handy by American.
On the manufacturing versus service jobs, American
changed the manufacturing jobs that declined the stock market. Two of the main
problems were technology and low-skill workers. For example, the steel industry
and automobile shop were manufacturing jobs. So, American was constantly
growing the service jobs. For instance, engineers, computer programmers,
lawyers, and doctors were service jobs as professional white-collar workers. Service
jobs were good, but manufacturing jobs were bad. ?These issues with
manufacturing and service jobs dealt with Internet in market.?
On the trade, American was wealthier than Japan. The
biggest issues of U.S. and Japan fought over trade market. This was why David’s
theory logically worked in this economy for the countries. U.S. Company had
created the technology. The job markets were growing up for the freedom, so
they would like to have a computer for their own company. This material has
better jobs in U.S.
Roundabout Way to Wealth, Ed Johnson admitted to send the pharmaceutical drugs
to Japan, so Japanese sent American television. Therefore, Japanese received
the drugs from U.S., and Japanese exported television. In the country, the
resources were limited for the demand and supply. If Japan increases supply of
drugs, then the prices went up. This product could be efficiently. The nation
was very poor and wanted something for good that was called “The Roundabout Way
to Wealth.” American of the opportunity cost gave up with pharmaceutical
productions, but they made television that was very pricey. So, both of
countries exchanged in their own goods. They desired to make a lower cost of
these productions. American never wanted the government to shut down the
foreign competition, Ed Johnson and Star worked really hard in Stellar
Television company. Japanese wanted Stellar Television, so Mr. Johnson never
shared the television to Japanese because he needed to keep his own stable jobs
and wages. Frank Bates’ prohibited imports of televisions. He defeated the
Protectionism. Ed Johnson was aware of his how stock market that affected with
foreign competition. Ed Johnson and Frank Bates had a great negotiation of
imports of television.
history court with David Ricardio, beforehand Ricardio’s trail, David started
to introduce himself with the judge. He had to prove his theory’s On the Principles of Political Economy and
Taxation, and he used the nation’s advantage from free trade. He was also
right for the Protectionism to the British Parliament. Judge accepted with
David for this evidence. During the retrial, judge (was requested) to David
that he was glad to protect in England. Judge rejected to David about his
request if David needed to practice on his own policy. ?Judge accepted David’s
request that David assisted to put American on the wealth and the free trade.?
David Ricardio was an English Economist. He was able to
charge in the London Stock Exchange. He established his work that was called On the Principles of Political Economy and
Taxation in 1817. During the late 1930s, Ed Johnson earned in Engineering
from the University of Illinois (xi). He served the U.S. Army. He had been
rewarded a Silver Star during the World War II. After the war, he began to work
the Stellar Television Company. He was also a president in his company. Johnson
applied the Ricardio’s Theory of the economy that was occurring for Johnson’s
This book is named The Choice: A Fable of Free Trade and
Protectionism by Russell Roberts. The topic of the title for the book have
cover so many concepts in Macroeconomic. The each of the chapter is explained
the macroeconomics well for the real world that emphasize on history court with
David Ricardio, foreign competition, the roundabout way to wealth, trade,
manufacturing versus service jobs, outsourcing, tariffs versus quotas, and the
case for protection. The book was not based on true story, and two men were
David Ricardio and Ed Johnson that were different the time period. This
timeframe of the period is summarizing the autobiographies with David Ricardio
and Ed Johnson.