First published in 1986, this book examines international trade, offering different theories and considering contemporary developments. Professor Hazari connects these theories and developments, such as theories of comparative advantage and factor-price differentials, to economic expansion and terms of international trade. Many key economic problems are related to the theory of international trade, problems such as tariffs, the dependency of developing countries and changing patterns of world trade, and the book shows how theory impinges on these other important issues. The theory of international trade is a popular and widely taught specialism within economics. This book surveys the pure theory which forms the core of the topic.
Part One: Micro foundations of International Trade
1. The Micro-Economic Foundation of the Pure Theory of International Trade
2. A Two Sector-Model of a Closed Economy
Part Two: Theories of Comparative Advantage
3. A Model of Exchange and the Marshall-Lerner Stability Conditions
4. The Ricardian Theory of Comparative Advantage
5. The Hecksher Ohlin Theory of Comparative Advantage and Factor-Price Equalization Theorem
Part Three: The Theory of Factor Price Differentials
6. Factor Price Differentials, the Shape of the Transformation Locus, and the Relationship between Prices and Output Levels
7. Theorems on Gains from Trade and Factor-Price Differentials
8. Factor Price Differentials, Economic Expansion, Terms of Trade and Welfare at Constant and Variable Prices
Part Four: Unemployment in Models of International Trade
9. Uniform Real Minimum Wage Rate, Unemployment and Theory of Trade
10. Sector-Specific Minimum Wages, Urban Unemployment and Optimal Commercial Policy in a Small Open Economy
Part Five: Non-Traded and Intermediate Goods and the Theory of Trade
11. A Simple Geometrical Treatment of Non-Traded Goods in the Pure Theory of International Trade
12. Intermediate Goods: An Introduction to Traded Intermediate Goods in the Theory of Trade via Simple Geometry
Part Six: Tariffs, Quotas, and Tariff-Related Activities
13. Nominal Tariffs and Trade Equilibrium
14. Tariffs, Variable Terms of Trade, and Immiserizing Growth in the Case of Monopoly Power in Trade
Part Seven: Trade Models with Specific Factors and Colonialism
15. On Factor Specificity and Trade Theory
16. Sector Specificity of Foreign-Owned Capital and Colonialism
Part Eight: Dynamic Models of Closed and Open Economies
17. A Two-Sector Growth Model of a Closed Economy with Fixed Coefficients
18. A Two-Sector Growth Model of an Open Economy
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