By Giancarlo Gandolfo (auth.)
In the current textual content the writer bargains with either traditional and new ways to alternate conception and coverage, treating all very important learn themes in overseas economics and clarifying their mathematical intricacies. The textbook is meant for undergraduates, graduates and researchers alike. It addresses undergraduate scholars with super transparent language and illustrations, making even the main complicated exchange versions available. within the appendices, graduate scholars and researchers will locate self-contained remedies in mathematical phrases. the hot version has been completely revised and up to date to mirror the most recent examine on overseas trade.
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Additional info for International Trade Theory and Policy
The produce of a country exchanges for the produce of other countries, at such values as are required in order that the whole of her exports may exactly pay for the whole of her imports. This law of International 30 2 The Classical (Ricardo-Torrens) Theory of Comparative Costs Values is but an extension of the more general law of Value, which we called the Equation of Supply and Demand. We have seen that the value of a commodity always so adjusts itself as to bring the demand to the exact level of the supply.
But all trade, either between nations or individuals, is an interchange of commodities, in which the things that they respectively have to sell constitute also their means of purchase: the supply brought by the one constitutes his demand for what is brought by the other. So that supply and demand are but another expression for reciprocal demand: and to say that value will adjust itself so as to equalize demand with supply, is in fact to say that it will adjust itself so as to equalize the demand on one side with the demand on the other.
The theory also aims at showing that trade is beneficial to all participating countries. If we simplify to the utmost, we can assume that there are two countries (England and Portugal in the famous example of Ricardo’s), two commodities (cloth and wine), that all factors of production can be reduced to a single one, labour,1 and that in both countries the production of the commodities is carried out according to fixed technical coefficients: as a consequence, the unit cost of production of each commodity (expressed in terms of labour) is constant.
International Trade Theory and Policy by Giancarlo Gandolfo (auth.)