A Generalized Theory Of International Trade

This book emphasizes that a trading equilibrium is general rather than partial, and is often best modeled using dual or envelope functions.

The development of international trade theory has created a wide array of different theories, concepts and results. Nevertheless, trade theory has been split between partial and conflicting representations of international e- nomic interactions. Diverse trade models have co-existed but not in a structured relationship with each other. Economic students are introduced to international economic interactions with severally incompatible theories in the same course. In order to overcome incoherence among multiple theories, we need a general theoretical framework in a unified manner to draw together all of the disparate branches of trade theory into a single - ganized system of knowledge. This book provides a powerful – but easy to operate - engine of analysis that sheds light not only on trade theory per se, but on many other dim- sions that interact with trade, including inequality, saving propensities, education, research policy, and knowledge. Building and analyzing various tractable and flexible models within a compact whole, the book helps the reader to visualize economic life as an endless succession of physical ca- tal accumulation, human capital accumulation, innovation wrought by competition, monopoly and government intervention. The book starts with the traditional static trade theories. Then, it develops dynamic models with capital and knowledge under perfect competition and/or monopolistic competition. The uniqueness of the book is about modeling trade dyn- ics.

Developments of International Trade Theory offers the life-long reflections of a distinguished Japanese scholar who pioneered the application of general equilibrium theory to international trade. Written in a style that makes it easily accessible to scholars and students, the book combines standard topics on international trade with a discussion of the evolution of the theory and some recent discussions on topics like immiserizing growth. This book is presented in two parts. Part I examines the historical progression of international trade theory. Part II addresses the modern theory and recent developments of international trade. This book offers a comprehensive evaluation of the non-monetary problems of international economics.

Originally published in 1903. 'The present work is an attempt to restate, in a more complete form, the doctrines of the classical English school on an important and difficult branch of political economy... The theory of international trade has, therefore, been selected for exposition as being one of the products of the older political economy which is well worth preserving, and one, moreover, which is peculiarly suited for students, both on account of its intricacies and the logical processes employed, as also by reason of its bearing on the old, but still unclosed, controversy respecting the comparative merits of ""protection"" and free-trade.' Author: C.F.Bastable Language: English Keywords: Social Sciences / Economics Many of the earliest books, particularly those dating back to the 1900s and before, are now extremely scarce and increasingly expensive. Obscure Press are republishing these classic works in affordable, high quality, modern editions, using the original text and artwork. Excerpt from text: SINGE the last edition of this book appeared the subject of International Trade has come into unex pected prominence. In the phraseology lately fashion able ithas jasi3ed: fem: the domain of academic discussion into the position of a burning question. This change is not altogether favourable to its treat ment in a scientific manner. The greater part of the writing in the press and periodical literature is certain to be crude and illinformed, the product of persons who have not taken the trouble to study the general principles that underlie the more obvious features of foreign commerce. The intrusion of party feeling is a further disturbing influence. Where established principles stand in the way of a particular proposal its supporters will at once declare their disbelief in what they call abstract theory though they will readily use any of those principles that can be so distorted as to appear to serve their pifrpose. It is, therefore, the more necessary to insist on the indispensableness of a general theory for the correct interpretation of the complicated phenomena of foreign trade, and also on the connection of that theory with the principles of economics as a whole. Without the assistance of such a theory success is impossible with its aid a consistent account of the mass of .facts, otherwise so perplexing, can be supplied. The changes in the present edition have been slight, and consist in additional illustrations or notices of criticisms which seemed to require consideration. C. R BASTABLE. TRINITY COLLEGE, DUBLIN, llth July 1903. FKOM PREFACE TO FIRST EDITION THE present work is an attempt to restate, in a more complete form, the doctrines of the classical English School on an important and difficult branch of political economy. That school has been severely criticised from several different standpoints, and there need be no hesitation in admitting that the whole body of economic science stands in need of a thorough revision, and, in some of its parts, an entire recon struction. But it is not, therefore, incumbent on us to throw aside the more solid portions of the older building: it will rather be expedient to utilise all sound material already existing, and, as far as possible, to preserve that continuity of development which is one of the notes of a truly scientific system. The theory of international trade has, therefore, been selected for exposition as being one of the products of the older political economy which is well worth preserving, and one, moreover, which is peculiarly suited for students, both on account of its intricacies and the logical processes employed, as also by reason of its bearing on the old, but still unclosed, controversy respecting the comparative merits of protection and freetrade.

Before his untimely death in 2000, the brilliant young Israeli economic historian Klug conducted a thorough survey into the different theories of international trade. The results of this are now available here for the first time with an introduction from Warren Young and Michael Bordo. Utilizing the inter-temporal open economy model as a case study, Theories of International Trade illuminates the phenomenon of recurrence and the problem of recurring doctrines in economic thought and analysis. This compelling book will be of interest to scholars in the history of economic thought, and to international economists in general.

Provides theoretical and applied contributions connected by the methodological approach to the use of general equilibrium model.

A comprehensive microeconomic, general equilibrium theory and empirical analysis of multinational firms.