ECS5921 Introduction to international economics

The unit introduces basic micro and macroeconomic principles and concepts. It discusses economic interdependence notions and gains from trade and globalisation with application to South Africa and the African continent; the role of institutions in promoting and facilitating these concepts in the international economy; theories of trade, incorporating notions of absolute and comparative advantage; modern trade theory and its extensions; empirical evidence with respect to Africa which highlight trade theory strengths and limitations; investigation and analysis of welfare effects of trade, using both theory and evidence to answer contentious concerns whether trade make the poor even poorer; whether trade restrictions necessary to protect jobs; and whether larger trade benefits accrue to developed countries more than developing countries; as well as regional integration in Africa.