A Theory of International Trade: Capital, Knowledge, and by Wei-Bin Zhang

By Wei-Bin Zhang

Over greater than centuries the improvement ofeconomic idea has created a big selection of alternative strategies, theories, and insights. My fresh ebook Capital and data (Zhang, 1999a) exhibits how separate fiscal theories corresponding to the Marxian economics, the Keynesian economics, the overall equilibrium thought, and the neoclassical progress thought may be tested inside a unmarried theoretical framework. The Capital and information constructs an monetary thought to account for the phenomena defined by way of the most financial theories (of nationwide economies) in a unified demeanour. It attempts to attract jointly the disparate branches of economics right into a unmarried prepared approach ofknowledge. This booklet is part of my financial concept with endogenous inhabitants, capital, wisdom, personal tastes, sexual department of work and intake, associations, financial buildings and trade values through the years and house (Zhang, 1996a). As an extension of the Capital and data, that is enthusiastic about the dynamics of nationwide economies, this ebook is to build a idea of overseas alternate. we're serious about dynamic kinfolk among foreign department of work, department of intake and resolution of costs constitution in worldwide financial system. We research dynamic interdependence among capital accumulation, wisdom production and usage, financial development, fee constructions and overseas alternate styles below loose festival. Our idea is built at the foundation of some strategies inside of a compact framework.

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As in most of formal trade models we assumed that there was a single group of people in each country. We examined interactions between preferences, labor force, capital accumulation and trade patterns. But in reality an economy consists of multiple groups of people. It is reasonable to question what economic impact free trade may have on different groups of people. Does free trade benefit all the groups, or benefit some groups or harm other groups, or harm all the groups in a special national economy?

As in most of formal trade models we assumed that there was a single group of people in each country. We examined interactions between preferences, labor force, capital accumulation and trade patterns. But in reality an economy consists of multiple groups of people. It is reasonable to question what economic impact free trade may have on different groups of people. Does free trade benefit all the groups, or benefit some groups or harm other groups, or harm all the groups in a special national economy?

We assume that the consumer who owns the capital loses a fixed ratio Ok of his past savings due to depreciation of physical capital. Hence, the consumer makes decision on K j(t) + S/t) - 0kK/t) at each point of time. Obviously, we take account of the consumer's attitudes towards the future by how the term K j (t) + S/ t) - s,K / t) enters the utility function as well as how the parameter t affects the consumer's utility function. 4) in which the parameters ~ j and Aj are called respectively country j' s propensity to consume goods and services and to own wealth.

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