Overview

International Trade: Theory and Policy provides engaging, balanced coverage of the key concepts and practical applications of the discipline. An intuitive introduction to trade theory is followed by detailed coverage of policy applications. With this edition, the author team of Nobel Prize-winning economist Paul Krugman, renowned researcher Maurice Obstfeld, and Marc Melitz of Harvard University, continues to set the standard for International Economics courses. FeaturesThe text presents a balance of theoretical and practical coverage of international trade. Chapters on core theory are followed by a series of application chapters that confront policy questions using the newest empirical work, data, and policy debates. This structure enables students to grasp theoretical concepts and then see those same concepts in action, aiding retention and highlighting the relevance of course material. An integrated, empirical-based treatment of the latest models of trade, such as the gravity, Ricardian, factor endowments, and imperfect competition models. A thorough discussion of the causes and effects of trade policy focused on the income-distribution effects of trade. An emphasis on the potential substitutability of international trade and international movements of factors of production, featuring an analysis of international borrowing and lending as inter-temporal trade - the exchange of present consumption for future consumption. Learning Goals list essential concepts so students understand what they need to take away from each chapter. Case Studies illustrate theory using real-world applications and provide important historical context. Special Boxes offer vivid illustrations of points made in the text, including President Jefferson's trade embargo of 1807-1809, and the disputes over banana trade to generate acrimony among countries far too cold to grow any of their own bananas. 200+ Captioned diagrams reinforce discussions in the text and help students in reviewing the material. Summary and Key Terms. Each chapter closes with a summary recapping the major points to aid student review of the material. Problems, many of which cite real data or policies, allow students to practice what they're learning. They range from routine computational drills to more analytical questions and problems. Further Reading sections at the end of each chapter provide annotated bibliographies of both seminal works and recent articles, encouraging students to explore the material further. New to this edition Case study on trade and unemployment discusses the potential links between import competition from developing countries, especially China and declining manufacturing employment in the US (Chapter 4). Box explores how the compensation of capital owners relative to workers has increased in the US (Chapter 5). Box discusses recent evidence showing that the gains from trade have a pro-poor bias because consumers with relatively lower incomes tend to consume a relatively higher share of their income on goods that are more widely traded (Chapter 6). Box explains how many of the goods we consume are produced offshore in 'Global Value Chains' and how this recent trend leads to misleading statistics for bilateral trade deficits (Chapter 8). Box discusses 'Brexit'. Britain's vote to leave the European Union (EU) (Chapter 10). Research suggests that rapid changes in international trade flows have larger adverse effects on workers than previously realised (Chapter 12). Additional coverage of relevant topics and events including the impact of the Automobile Intra-Industry Trade within the Association of Southeast Asian Nations-4 (ASEAN-4), namely Indonesia, Malaysia, the Philippines, and Thailand between 1998-2002; the origin of tariff-rate quotas and its practical application with oilseeds, noting that tariff quotas for these goods are more often applied than those for the traditionally protected products, like dairy or sugar; the role of negative interest rates in unconventional monetary policy; and the increasingly important role of emerging market economies in driving global growth.

Full Product Details

Author:   Paul Krugman ,  Maurice Obstfeld ,  Marc Melitz ,  Marc Melitz
Publisher:   Pearson Education Limited
Imprint:   Pearson Education Limited
Edition:   11th edition
Dimensions:   Width: 19.80cm , Height: 1.80cm , Length: 25.00cm
Weight:   0.620kg
ISBN:  

9781292216355

ISBN 10:   1292216352
Pages:   368
Publication Date:   24 January 2018
Audience:   Professional and scholarly ,  Professional and scholarly ,  Professional & Vocational ,  Professional & Vocational
Replaced By:   9781292417233
Format:   Paperback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

PART 1: INTERNATIONAL TRADE THEORY 2. World Trade: An Overview 3. Labor Productivity and Comparative Advantage: The Ricardian Model 4. Specific Factors and Income Distribution 5. Resources and Trade: The Heckscher-Ohlin Model 6. The Standard Trade Model 7. External Economies of Scale and the International Location of Production 8. Firms in the Global Economy: Export Decisions, Outsourcing, and Multinational Enterprises PART 2: INTERNATIONAL TRADE POLICY 9. The Instruments of Trade Policy 10. The Political Economy of Trade Policy 11. Trade Policy in Developing Countries 12. Controversies in Trade Policy MATHEMATICAL POSTSCRIPTS Postscript to Chapter 5: The Factor-Proportions Model Postscript to Chapter 6: The Trading World Economy Postscript to Chapter 8: The Monopolistic Competition Model

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Author Information

Paul Krugman, recipient of the 2008 Nobel Memorial Prize in Economic Sciences, taught at Princeton University for 14 years. In 2015, he joined the faculty of the Graduate Center of the City University of New York, associated with the Luxembourg Income Study, which tracks and analyses income inequality around the world. He received his BA from Yale and his PhD from MIT. Before Princeton, he taught at Yale, Stanford, and MIT. He also spent a year on the staff of the Council of Economic Advisers in 1982-1983. His research has included trailblazing work on international trade, economic geography, and currency crises. In 1991, Krugman received the American Economic Association's John Bates Clark medal. In addition to his teaching and academic research, Krugman writes extensively for nontechnical audiences. He is a regular op-ed columnist for the New York Times. Maurice Obstfeld is the Class of 1958 Professor of Economics at UC Berkeley. He joined Berkeley in 1989 as a professor, following appointments at Columbia (1979-1986) and the University of Pennsylvania (1986-1989). He was also a visiting professor at Harvard between 1989 and 1991. In 2014-2015 he was a Member of President Obama's Council of Economic Advisers, and from 2015-2018 he served as chief economist at the International Monetary Fund. Before that, he served as an honorary adviser to the Bank of Japan's Institute of Monetary and Economic Studies. Among Professor Obstfeld's honors are the Frank Graham Lecture at Princeton, the inaugural Mundell-Fleming Lecture of the International Monetary Fund, the Bernhard Harms Prize and Lecture of the Kiel Institute for World Economy, the L. K. Jha Memorial Lecture at the Reserve Bank of India, and the Richard T. Ely Lecture of the American Economic Association. Professor Obstfeld is a Fellow of the Econometric Society and the American Academy of Arts and Sciences. He is active as a research fellow of the Centre for Economic Policy Research and a research associate of the National Bureau of Economic Research. Most recently, he has joined the Peterson Institute for International Economics in Washington, DC, as a nonresident senior fellow. Marc Melitz is the David A. Wells Professor of Political Economy at Harvard University. He holds a BA from Haverford College (1989), an MSBA from the Robert Smith School of Business (1992), and a PhD from the University of Michigan (2000). He is a fellow of the Econometric Society and is affiliated with the National Bureau of Economic Research (NBER), the Centre for Economic Policy Research (CEPR), CESifo, and the Kiel Institute for the World Economy. His broad research interests are in international trade and investment. More specifically, he studies producer-level responses to globalisation and their implications for aggregate trade and investment patterns. His research has been funded by the Sloan Foundation and by the NSF.

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