International Economics: Global Markets and International Competition
This textbook describes and predicts production, trade and investment across countries. It describes the foundations of international trade and investment, including constant cost, neoclassical, and modern theories of production, industrial organization, and trade. The theory is presented using graphs and numerical examples. Many problems are offered. Over 200 boxed examples illustrate the theory. The text integrates issues of microeconomic trade with macroeconomic policy and finance. The emphasis is on the powerful forces of international markets and the limitations of government policy.
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Trade with Constant Costs
Gains from Trade
FACTOR PROPORTIONS TRADE THEORY
Terms of Trade
Production and Trade
Industrial Organization and Trade
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adjustment agricultural assets autarky billion capital cartel central banks comparative advantage competition constant cost consumers consumption deadweight loss depreciation dollar domestic economy effects efficiency equilibrium EXAMPLE excess demand excess supply exchange rate export revenue falls Figure fixed exchange rate foreign country foreign exchange market foreign firms foreign investment free trade FTZs FX market gains from trade growth higher price home country immigration income increase indifference curve inflation interest rate international economics international market international price international trade intraindustry trade investors isocost isoquant Japan Japanese LDCs lower manufacturing marginal Mexico money supply monopolist NAFTA offer curve OPEC opportunity cost output peso political potential price of services Problems for Section production production possibility frontier profit protection protectionism quota relative price restrictions rises sector sell skilled labor spending subsidies Suppose surplus terms of trade wages workers