Friday, March 20, 2009

Hidden gains from trade - St. Paddy's Day edition

This is a few days late, but I wrote this note to my colleagues earlier this week on St. Patrick's Day and thought I would share here:
The shamrock (three-leaf clover) is one of Ireland's most recognizable symbols. But demand for "Irish" shamrocks is now so great that the small island nation must import clover seeds from countries like New Zealand, India, and Germany. In 2007, Ireland imported nearly 200 metric tonnes of clover seeds worth $677,864.

Gains from trade, indeed.

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