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International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries ...
International trade theory is a sub-field of economics which analyzes the patterns of international trade, its origins, and its welfare implications. International trade policy has been highly controversial since the 18th century. International trade theory and economics itself have developed as means to evaluate the effects of trade policies.
Country foreign exchange reserves minus external debt. In international economics, the balance of payments (also known as balance of international payments and abbreviated BOP or BoP) of a country is the difference between all money flowing into the country in a particular period of time (e.g., a quarter or a year) and the outflow of money to the rest of the world.
The Kennedy Round officially opened on May 4, 1964, at the Palais des Nations.It was the last GATT round to have tariff reduction as its primary focus. [8] However, it was the first GATT round to deal with non-tariff issues, such as dumping, a practice whereby a company exports a product at a price lower than the price it charges in its home market. [9]
It relates transport costs linearly with distance, and pays these costs by extracting from the arriving volume. The model is attributed to Paul Samuelson's 1954 article in Deardorffs' Glossary of International Economics. [1] Paul Krugman's 1991 paper on Economic Geography [2] is one of the more widely cited papers employing the model.
In international finance, the redundancy problem, also known as the n − 1 problem, is a problem of inequality of the number of policy instruments and the number of targets at the international level, [1] suggested by Robert Mundell in Robert Mundell (1969). [2] [3] This problem does not occur at the one-country level. [2]
The Leontief paradox, presented by Wassily Leontief in 1951, [1] found that the U.S. (the most capital-abundant country in the world by any criterion) exported labor-intensive commodities and imported capital-intensive commodities, in apparent contradiction with the Heckscher–Ohlin theorem. However, if labor is separated into two distinct ...
In economics, gains from trade are the net benefits to economic agents from being allowed an increase in voluntary trading with each other. In technical terms, they are the increase of consumer surplus [ 1 ] plus producer surplus [ 2 ] from lower tariffs [ 3 ] or otherwise liberalizing trade .