Classical international trade theory

Author: Mundell
Publisher:
Publish Date: 2003-10-01
Features: As humanity entered the 21st century, the trend of economic globalization became an increasingly important factor influencing the world economy and the economic development of countries. The macroeconomics of open economies established by Professor Mundell has become an important academic work for economists and government managers to study. However, like other creative ideas, the academic significance and value of Mundell's economics are not limited to its explanation of economic phenomena and its impact on history, but lie in the new inspiration and new methods it provides for successors. The models studied and expanded in this volume are called "classical models" for three reasons: , in terms of the research topic of the model, its early pioneers were several academic masters who followed the British economic tradition: Ricardo, Tullock, Mill, Marshall, and Edgeworth, who are often referred to as "classical" economists. Second, in terms of the research method of the model, its basic assumption is a fully employed economy, differing from the "Keynesian model," which assumes that the economic system has unused resources. Third, in terms of the academic status of the model, they have established norms for the entire economic theory and occupy the core of the economic theory system, remaining an essential tool for modern economists to this day.