Aritifical Intelligence-based technologies is being considered a potential threat to disrupt the current way of order by eliminating many traditional jobs in the near future.
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The economics of Pakistan’s trade
Labourers carry sacks of onions from a truck at a market in Lahore. PHOTO: AFP
The economics of Pakistan’s trade
In Pakistan’s case, trade openness and GDP per capita are positively correlated though the correlation remains meagre
International trade is premised not on the ability to produce an output with lower inputs than other nations but on the appetite to forego the least quantum of the other commodity for the sake of making another. Hence, countries direct resources towards goods they have a comparative advantage in and import ones in which others incur a lower opportunity cost. The net result is a supplemental quantity of all the outputs to consume, leaving the partaking parties better-off.