When there is an increase in competition, there is an increase in production supply, which exceeds the demand of the product. When the production is increased, there is a great reduction in the prices. With this, there is an increase in competition in regards to the quality as well as the quantity of the product. The consumer is the final gainer.
The story that follows is a clear indication of some of the main concepts that are being highlighted by the author. It can be seen that the author in favor of the international and more open business being run on an international scale is rejecting protectionism. Ed never saw any change in his business, neither his profits when he was surrounded by his idea of business based on protectionism.
The concepts given by Russell Roberts are to be compared with the economic concepts that have been highlighted by Glenn Hubbard, and Anthony P. O'Brien in their book, "Economics." Law of Demand has been defined by Glenn Hubbard, and Anthony P. O'Brien. The law has highlighted that if all other markets-based factors are kept constant, an inverse relationship is noticed between the price of the product and its demand. The law has highlighted that as there is a drop and a reduction in the price of the product, there is a consequent increase in the demand of the product. As there is an increase in the price, there is a reduction in the demand of the product. These concepts have a similarity with the concepts given by Russell. The simple choice-based example and discussion that has been given by Russell is in harmony with the law defined by Glenn Hubbard, and Anthony P. O'Brien. The idea of protectionism has been rejected and disliked by Robert Russell. The book has shown that Ed remains at a loss under his blind faith in protectionism. The trade-based concepts that have been given by the authors are the same as those given by Russell. International...
These days, globalization can greatly challenge business. There is no business in the modern day that can survive the challenges given by globalization. Going beyond borders is the only way with the help of which the businesses can succeed. Both books have supported international trade. There is a great similarity in concepts given by both the books. There is no doubt about the fact that the concepts that have been given by the two authors are the same. However, still the realities are different.
International business and trade are successful when the choices of the consumers are better kept in mind. When there is an increase in the choice given to the consumers, there is an increase in the demand of the products. However, in the businesses, there are certain situations in which the consumers reach saturation point. Too much choice when given to the consumers, there is a point when saturation is reached when the consumer ignores the choices and selects as well as follows only one specific brand.
Conclusion
Russell Roberts has given modern business concepts in his book "The Choice." The name indicates that there is a choice for the businesspersons of the modern days. They can choose success by choosing an international business or they can choose protectionism for a more limited business. There is a great similarity between the concepts given by Russell Roberts and those given by Glenn Hubbard, and Anthony P. O'Brien in their book, Economics. Both books have supported the concept of international trade and business giving more variety to the consumers.
Works Cited
Hubbard, Glenn., and O'Brien, P. Anthony. Economics, MyEconLab Series. Edition 3. Prentice Hall, 2009.
Roberts, X. Russell. The choice: a fable of free trade and protectionism. Edition 3. Pearson Prentice Hall, 2007.
