This text integrates trade theory and open economy macroeconomics
with straightforward diagrams and numerous examples. The emphasis
is on the gains from competitive trade and the limits of policy.
Economics began with the political debate over import tariffs in
England. Tariffs lead to net economic losses, except in a few
circumstances, and would then lead to retaliation. Consumers and
firms importing intermediate inputs lose due to tariffs, as do
export industries when other countries retaliate with tariffs of
their own. Import competing industries and the government gain from
tariffs.The present approach integrates theories of market behavior
and general equilibrium on the microeconomic side. Exchange rate
theory bridges from trade theory into balance of payments theory.
In the final chapter on open economy macroeconomics, the limits of
monetary and fiscal policies due to the competitive foreign
exchange market is the focus.Theoretical diagrams present the
theory without assuming intermediate theory. Numerous problems for
each section build confidence in applying the theory. Boxed
examples illustrate the importance of theory. Each chapter includes
a concise mathematical appendix that should appeal to students with
interest and to instructors preparing for class.
General
| Imprint: |
World Scientific Publishing Co Pte Ltd
|
| Country of origin: |
Singapore |
| Release date: |
2024 |
| Authors: |
Henry Thompson
|
| Pages: |
400 |
| ISBN-13: |
978-981-12-7934-8 |
| Categories: |
Books
Promotions
|
| LSN: |
981-12-7934-9 |
| Barcode: |
9789811279348 |
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