‘Trade can make everyone better off’ is the notion that N. Gregory Mankiw, professor of economics at Harvard University presents it as one of the ten principles of the discipline in his popular introductory textbook, Principles of Economics.

Trade and technology are key forces that drive innovation, productivity, and economic growth. But they also have been important factors behind the rise in inequalities we have witnessed. Trade tends to increase inequality and it tends to be tough for people.

What should we do about that?

At his lecture series on GREAT MINDS, Mankiw discusses the right approach that we should do about increased inequality caused by the free trade.

Retreat away from free trade is the wrong approach, he argues.
Instead, he suggests better training to turn unskilled workers into skilled workers and a more robust social safety net that will help those people who are suffering.

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