Applied international economics / W. Charles Sawyer, Richard L. Sprinkle.

Format:

Book

Author/Creator:

Sawyer, W. Charles, author.

Sprinkle, Richard L., author.

Standardized Title:

International economics

Language:

English

Subjects (All):

International economic relations.

Physical Description:

1 online resource (xxix, 529 pages)

Edition:

Fifth edition.

Place of Publication:

New York : Routledge, 2020.

Summary:

"Applied International Economics, 5th edition, offers a modern and accessible treatment of international economics, shifting the emphasis from pure theory to the application of theory by using the standard tools of economic analysis. This new and streamlined edition makes the real-world application of international economics even more clear than previous editions, and focuses on the basics that students will need in order to analyze information on the world economy throughout their future careers. The new edition has been refocused, revised, and thoroughly updated. Key features include: Expanded coverage of China's role in the world economy. New material on the how changes in trade flows can be decomposed into the extensive and intensive margins of trade. New material on the use of Section 301 of U.S. trade law and the U.S. - China trade dispute. Updated coverage of Brexit. A new focus on the sole use of the Mundell-Fleming model to analyze balance of payments issues. Improved linkages between the concepts of purchasing power parity and the real exchange rate. Written in a thorough and engaging style, the book covers topics at a level appropriate for students specializing in business or international relations, as well as economics students. Along with a wealth of case studies and real-life examples, the book offers extensive pedagogical tools that include include a companion website, end of chapter summaries, and explanations of key concepts and terms. For instructors, power point presentations and an extensive test bank are available"-- Provided by publisher.

Contents:

Cover

Half Title

Title Page

Copyright Page

CONTENTS

List of figures

List of tables

List of boxes

Preface

Acknowledgments

CHAPTER 1 Introduction: an overview of the world economy

Introduction

The scope of international economics

The output of the world economy

Imports and exports of goods in the world economy

International trade in services

Capital flows in the world economy

Trends in international production and trade

Globalization

Summary

Key concepts and terms

Problems and questions for review

Notes

References

CHAPTER 2 Why countries trade

International trade versus interregional trade

Trade in an individual product

Trade based on absolute advantage

Absolute advantage

The gains from specialization and trade with absolute advantage

Trade based on comparative advantage

Comparative advantage

The gains from specialization and trade with comparative advantage

Trade based on opportunity costs

Opportunity costs

The gains from specialization and trade with opportunity costs

Dynamic gains from trade

CHAPTER 3 Comparative advantage and the production possibilities frontier

The production possibilities frontier and constant costs

The production possibilities frontier

Production and consumption without specialization and trade

Production and consumption with specialization and trade

The terms of trade

Changes in the gains from specialization and trade

Demand conditions and the terms of trade

Distribution of the gains from trade

Trade under increasing opportunity costs

Increasing costs and the production possibilities frontier

Production and consumption without specialization and trade.

Production and consumption with specialization and trade

International trade under increasing costs: an advanced analysis

CHAPTER 4 Factor endowments and the commodity composition of trade

The factor-proportions theory

Assumptions of the factor-proportions theory

Factor-price equalization and the distribution of income

Factor-price equalization

Trade and the distribution of income

Trade and income inequality

The specific-factors model

Empirical evidence concerning the factor-proportions theory

The Leontief paradox

Explanations of the Leontief paradox

International trade not explained by the factor-proportions theory

Appendix 4.1: Factor-proportions theory: an advanced analysi

CHAPTER 5 Intra-industry trade

Defining intra-industry trade

The increasing importance of intra-industry trade

Intra-industry trade in homogeneous products

Intra-industry trade in differentiated products

Economies of scale

The product cycle

Overlapping demands

Empirical evidence on intra-industry trade

The welfare implications of intra-industry trade

CHAPTER 6 THE FIRM IN THE WORLD ECONOMY

The firm in international trade

Firm heterogeneity

The multinational corporation

The importance of MNCs

Reasons for the existence of MNCs

Offshoring and MNCs

Global value chains

Public policy toward MNCs

References.

CHAPTER 7 International factor movements

International trade versus international factor movements

International movements of capital

Reasons for the international movement of capital

Welfare effects of international capital movements

Capital movements and public policy

International movements of labor

Reasons for the international movement of labor

Welfare effects of the international movement of labor

Immigration and public policy

CHAPTER 8 Tariffs

Tariffs: some preliminary details

Types of tariffs

Methods of valuing imports

Welfare effects of trade in an individual product

Consumer and producer surplus: a review

The effects of free trade

The economic effects of tariffs

The effects of a tariff for a small country

The effects of a tariff for a large country

The effective rate of protection

Arguments for tariffs

Infant government

National defense

Infant industries

Senile industry protection

Tariffs, trade, and jobs

CHAPTER 9 Nontariff distortions to trade

Nontariff barriers to trade

Quotas

The economic effects of a quota

Other nontariff distortions

Industrial policy

Technical barriers to trade

Subsidies

Government procurement

Corruption and international trade

Economic sanctions

Labor and environmental standards

Transportation costs and trade

The gravity equation and international trade

CHAPTER 10 International trade policy

The political economy of protectionism.

Protectionism and public choice

The structure of protection

The evolution of U.S. trade policy

The formulation of U.S. trade policy

Antidumping, countervailing duties, and safeguards

Antidumping

Types of dumping

History of antidumping law in the United States

Countervailing duties

Safeguards

The General Agreement on Tariffs and Trade (GATT)

GATT and multilateral trade negotiations

The World Trade Organization (WTO)

The future of international trade negotiations

Appendix 10.1: Price discrimination

CHAPTER 11 Regional economic arrangements

Degrees of economic integration

Rules of origin in international trade

Trade effects of economic integration

The static effects of a customs union

The European Union

NAFTA and other U.S. trade agreements

NAFTA

Other U.S. trade agreements

Multilateralism versus regional trade agreements

CHAPTER 12 International trade and economic growth

The developing countries

Economic development

GDP of developing countries

Economic growth

Preconditions for growth

Economic growth and the factors of production

Basic growth theory

Changes in capital stock and technology

International trade and economic growth

Openness and growth

Capital flows, technology transfers, and economic growth

Economic development strategies

Primary products

Import substitution

Export promotion

Official development assistance

The role of official development assistance

Flows of official development assistance

Multilateral development organizations

The World Bank and regional development banks.

The United Nations agencies

CHAPTER 13 National income accounting and the balance of payments 284

National income accounting

The measurement of GDP

Items excluded from GDP

GDP and changes in prices

The components of GDP

GDP and the trade balance

GDP in a closed economy

GDP in an open economy

Imports, exports, and GDP

Intertemporal trade

Saving, investment, the government budget, and the trade balance

Adjustments to trade imbalances

The balance of payments accounts

The balance on current account

The balance on capital and financial accounts

CHAPTER 14 Exchange rates and their determination: a basic model

Exchange rates

The demand for foreign exchange

Shifts in the demand for foreign exchange

Changes in domestic income

Changes in relative prices

The supply of foreign exchange

Shifts in the supply of foreign exchange

Changes in foreign income

Equilibrium in the foreign exchange market

Changes in the equilibrium exchange rate

Exchange rate volatility and international trade

Exchange rate pass through

Price levels and the exchange rate in the long run

The law of one price

Purchasing power parity

Absolute purchasing power parity

Relative purchasing power parity

Purchasing power parity in the short run and the long run

The real exchange rate

Changes in the real exchange rate

CHAPTER 15 Money, interest rates, and the exchange rate

Money defined: a review

The supply of money.

The demand for money.

Notes:

Revised edition of the authors' Applied international economics, 2015.

Description based on print version record.

ISBN:

0-429-42554-6

0-429-75832-4

9780429425547

OCLC:

1129404451