A collection of essays on contemporary international trade, this text critiques the major theoretical components; including the Ricardian principle of comparative advantage and the developed normative analysis of international transfers

The paper presents a general equilibrium model of a pure exchange economy with stochastic endowment in which speculation is profitable and stabilizes prices, but is useless from a welfare point of view. Reconciling the Siegel paradox with the theory of incomplete markets we show that banning...

We develop a model of international trade with increasing returns to scale by taking into account the possibility of cooperation among agents in an egalitarian economy. It is shown that each country gains from trade in a trading world in which there are arbitrary numbers of...

Much of the comparative statics of trade theory rests on the unrealistic assumption that in each trading country all households are alike or behave collectively as though they are alike. In the present paper the authors show that two well-known comparative statical propositions are highly...

Conditions sufficient for factor price equalization within any non-trivial subset of trading countries are provided. The conditions are that (a) the factor endowment ratios of countries in the subset are all bounded by the factors-in-use ratios in an equilibrium of the hypothetical world economy...

This paper presents a dynamic general equilibrium model of multi-country, two-good and two-factor, in which both long-run growth and international trade patterns are examined. In each country, government expenditure on a public intermediate good plays a crucial role in the realization of...

The paper develops a model of international trade with increasing returns toscale by taking into account the possibility of cooperation among agents in an egalitarian economy. It is shown that each country gains from trade in a trading world in which there are arbitrary numbers of...

Bovenberg and Mooij (1994) and others pointed out that the optimal taxation on goods with external diseconomy both collects revenue and also corrects the external diseconomy by the goods, and thus it is said that the tax has gdouble dividendsh. The purpose of the present paper is to examine...

Pricing of public utilities has long been discussed after Hotteling (1947), and most preceding arguments have provided a negative answer to the question to attain a Pareto-efficient allocation in an economy with non-convex production possibilities. Contrasting to these, Kamiya (1995) provided an...