Several improvements needed to get the trade subsection text in line with the chartbook v0.1 goals.
Explain basic concepts, add definitions, add links. Be clear.
Expanded value text based on monthly values. Imports of goods are X in ltmonth, X.X percent (higher/lower) than one year prior, etc. With issue of monthly numerator and GDP as a quarterly denominator, look into using disposable personal income as the denominator.
Possible topics for text expansion:
Income approach: It is perhaps easier to think about trade from the income approach to calculating domestic economic activity. Residents receive income from domestic activities plus income from the activities that result in exports and from ownership of foreign assets. Exports increase income and imports do not affect it directly. However, the US increasing its trade deficit by substituting lower-priced imports for domestic production caused the nominal labor income of residents to fall, all else equal (extensive margin through outsourcing of jobs, intensive margin through lower wages from increased labor market slack), while the quantity of goods that can be purchased by one unit of domestic income increased.
Trade in a (local) recession vs trade in a foreign country recession: domestic demand vs foreign demand.
Comparative advantage.
Winners and losers from trade. Look at some of the literature here and see if any basic summary data point can be tracked/updated/included. The advanced economics discussion of trade liberalization (winners and losers) should really be the intro to economics discussion (comparative advantage). The US was dismantling its welfare state during the period of trade liberalization, the opposite of what theory dictates.
Automation vs outsourcing debate -- review literature and discuss.
Several improvements needed to get the trade subsection text in line with the chartbook v0.1 goals.
Possible topics for text expansion: