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Books > Business & Economics > Economics > International economics > International trade
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Broadening Trade Theory: Incorporating Market Realities Into Traditional Models (Hardcover)
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Broadening Trade Theory: Incorporating Market Realities Into Traditional Models (Hardcover)
Series: World Scientific Studies in International Economics, 78
Expected to ship within 10 - 15 working days
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This volume is a collection of the author's past and recent
research. It concentrates on some topics that continue to be
neglected in mainstream trade theory, but which have grown in
empirical relevance as the decades have passed and allow us to
broaden our world view. These include adding multinational firms
and a major role for the demand side of general equilibrium to our
conventional portfolio of models.Part I in the volume focuses on
multinational firms and the incorporation of endogenous location
and ownership choices into general-equilibrium trade models. A
particular emphasis, repeatedly confirmed in empirical studies, is
on horizontal firms that replicate activities across borders. Two
chapters on the vertical integration versus outsourcing decision
reveal the non-excludable property of knowledge-based assets.Part
II focuses on the demand side of general equilibrium, arguing and
showing empirically that non-homothetic preferences, which give an
important role to per capita income, help explain many of the
empirical puzzles that trade economists keep trying to explain only
from the production side of general equilibrium.Part III is
eclectic, but the chapters in this section share the common thread
of showing how distortions and allowing trade in factors of
production both modify traditional policy ideas and also create
additional sources of gains from trade.
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