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The highest gains from trade come from the introduction of new goods altogether, rather than from cheaper existing ones.
Drawn from what Tyler Cowen said
What Tyler Cowen actually said
- Tyler Cowen Economist at George Mason University
It turns out that the highest gains from trade come from the introduction of new goods altogether, just as Malthus had suggested.
Where this was said
↗GOAT: Who is the Greatest Economist of all Time and Why Does it Matter?tylercowen.com
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