International Trade Theory Capital, Knowledge, Economic Structure, M
The development of international trade theory has created a wide array of different theories, concepts and results. Economic students are trained to understand international interactions by severally incompatible theories one by one in the same course. In
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International Trade Theory Capital, Knowledge, Economic Structure, Money, and Prices over Time
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International Trade Theory Capital, Knowledge, Economic Structure, Money, and Prices over Time
Wei-Bin Zhang
International Trade Theory Capital, Knowledge, Economic Structure, Money, and Prices over Time
Professor Wei-Bin Zhang Ritsumeikan Asia Pacific University Jumonjibaru, Beppu-Shi, Oita-ken, 874-8577 Japan [email protected]
ISBN 978-3-540-78264-3
e-ISBN 978-3-540-78265-0
Library of Congress Control Number: 2008925415 © 2008 Springer-Verlag Berlin Heidelberg This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMX Design GmbH, Heidelberg Printed on acid-free paper 9 8 7 6 5 4 3 2 1 springer.com
Preface
The development of international trade theory has created a wide array of different theories, concepts and results. Nevertheless, trade theory has been split between partial and conflicting representations of international economic interactions. Diverse trade models have co-existed but not in a structured relationship with each other. Economic students are introduced to international economic interactions with severally incompatible theories in the same course. In order to overcome incoherence among multiple theories, we need a general theoretical framework in a unified manner to draw together all of the disparate branches of trade theory into a single organized system of knowledge. This book provides a powerful – but easy to operate - engine of analysis that sheds light not only on trade theory per se, but on many other dimensions that interact with trade, including inequality, saving propensities, education, research policy, and knowledge. Building and analyzing various tractable and flexible models within a compact whole, the book helps the reader to visualize economic life as an endless succession of physical capital accumulation, human capital accumulation, innovation wrought by competition, monopoly and government intervention. The book starts with the traditional static trade theories. Then, it develops dynamic models with capital and knowledge under perfect competition and/or monopolistic competition. The uniqueness of the book is about modeling trade dynamics. We differ from the traditional trad
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