This book offers a comprehensive and insightful reflection on David Ricardo’s ingenious theory of international trade. Divided into three parts, Part I presents the “birthday boy”, his concept and the many applications and insights that have been derived from it, particularly in modern times. Part II explores in depth important aspects of the Ricardian trade theory through the eyes and experience of leading experts on international trade theory, taking into account the latest research in the field. Lastly, Part III discusses current challenges of globalization in the light of Ricardian trade theory and includes the original "On Foreign Trade" written and published by David Ricardo in 1817.

In the present text the author deals with both conventional and new approaches to trade theory and policy, treating all important research topics in international economics and clarifying their mathematical intricacies. The textbook is intended for undergraduates, graduates and researchers alike. It addresses undergraduate students with extremely clear language and illustrations, making even the most complex trade models accessible. In the appendices, graduate students and researchers will find self-contained treatments in mathematical terms. The new edition has been thoroughly revised and updated to reflect the latest research on international trade.

Increasing economic globalization has made understanding the world economy more important than ever. From trade agreements to offshore outsourcing to foreign aid, this two-volume encyclopedia explains the key elements of the world economy and provides a first step to further research for students and scholars in public policy, international studies, business, and the broader social sciences, as well as for economic policy professionals. Written by an international team of contributors, this comprehensive reference includes more than 300 up-to-date entries covering a wide range of topics in international trade, finance, production, and economic development. These topics include concepts and principles, models and theory, institutions and agreements, policies and instruments, analysis and tools, and sectors and special issues. Each entry includes cross-references and a list of sources for further reading and research. Complete with an index and a table of contents that groups entries by topic, The Princeton Encyclopedia of the World Economy is an essential resource for anyone who needs to better understand the global economy. Features: ? More than 300 alphabetically arranged articles on topics in international trade, finance, production, and economic development International team of contributors Annotated list of further reading with each article Topical list of entries Full index and cross-references Entry categories and sample topics: ? Concepts and principles: globalization, anti-globalization, fair trade, foreign direct investment, international migration, economic development, multinational enterprises Models and theory: Heckscher-Ohlin model, internalization theory, New Trade Theory, North-South trade, Triffin dilemma Institutions and agreements: European Union, International Monetary Fund, World Trade Organization, World Bank, Doha Round, international investment agreements Policies and instruments: dollar standard, international aid, sanctions, tariffs Analysis and tools: exchange rate forecasting, effective protection, monetary policy rules Sectors and special issues: child labor, corporate governance, the digital divide, health and globalization, illegal drugs trade, petroleum, steel

This is the first book published in English on the new international value theory, presented by Yoshinori Shiozawa in 2007. Shiozawa submitted a solution to the question on international values since Ricardo by constructing a Ricardo–Sraffa model on trading economies with M countries and N commodities including intermediate inputs (normally M N). The new theory is based on the assumption that prices are determined by production costs, which is the property derived from the classical value theory. The papers collected here deal with the following: introducing readers to the new theory; presenting diagrammatic illustrations of the new theory; analysing efficient patterns of specialization allowing intermediate inputs; examining how the new theory gives a new horizon to the Neo-Ricardian trade theory; investigating competitiveness, the long-period method, and potentiality from the perspectives of the new theory; discussing Mill's conversion toward neoclassical revolution; scrutinizing how the concept of comparative advantage has developed and diverged from Ricardo’s trade theory; discussing the purification of Marshall's value theory through Mill’s influence; reviewing the controversies on international values among Japanese economists; considering the value-added trade based on the Ricardian value theory; and lastly giving a mathematical explanation of the definitions and theorems of the new theory./pp

Essay from the year 2007 in the subject Economics - International Economic Relations, grade: 1,3, University of Hull (Business School), course: International Economics, language: English, abstract: Does international trade generate benefits for a country? This question still causes controversion between economists, company leaders and policy makers all over the globe. Over two centuries ago the pioneer of classical economics, Adam Smith ex-pressed the following statement promoting trade between nations: “If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry employed in a way in which we have some advantage.” (Smith, 1776, p. 457). Today, among other trade theories, the widely known Ricardian model of comparative advantage between economies is used by economists to explain how trade affects the prosperity of nations. Ricardo (1817) suggested that countries specializing in the production of the commodities in which they have a comparative advantage, can achieve higher standards of consumption and living by trading these goods with other countries. Indeed, international trade has been rising steadily over the past decades. Propo-nents of Ricardo’s theory argue that trade can create industries and jobs, particularly in less developed nations, and increase the spectrum of economic opportunities, such as innovation and entrepreneurship. The aim of the paper is to give a brief glace at the theoretical framework and the importance of the Ricardian theory of international trade.

A clear and concise history of economic thought, developed from the author's award-winning book, The Wealth of Ideas.