Leading economists analyze the new directions that subdisciplines of economics have taken in the face of modern economic challenges. These essays represent invention and discovery in the areas of information, macroeconomics and public policies, international trade and development, finance,...

Autarky real per capita well being, does not deny that new technical Chinese progress in goods that America previously had competitive advantage in can, ceteris paribus, lower permanently measurable per capita U.S. real income. Nor does it deny that technical progress in China's export goods...