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International Economics, 13th Edition provides students with a comprehensive, up-to-date review of the field's essential principles and theory. This comprehensive textbook explains the concepts necessary to understand, evaluate, and address the economic problems and issues the nations of the world are currently facing, and are likely to face in the future. Balancing depth and accessibility, the text helps students identify the real-world relevance of the material through extensive practical applications and examples.
The new, thoroughly-updated and expanded edition provides students with a solid knowledgebase in international trade theory and policy, balance of payments, foreign exchange markets and exchange rates, open-economy macroeconomics, and the international monetary system. The text uniquely employs the same graphical and numerical model in chapters that cover the same basic concept, allowing students to recognize the relationship among the different topics without having to start with a new example each time. Clear, straightforward discussions of each key concept and theory are complemented by concrete, accessible, and relatable examples that serve to strengthen student comprehension and retention. Topics include the 'Great Recession,' the increase in trade protectionism, excessive volatility and large misalignments of exchange rates, and the impacts of resource scarcity and climate change to continued growth and sustainable development.
List of contents
1 Introduction 1
Part 1 International Trade Theory
2 The Law of Comparative Advantage 29
3 The Standard Theory of International Trade 53
4 Demand and Supply, Offer Curves, and the Terms of Trade 77
5 Factor Endowments and the Heckscher-Ohlin Theory 99
6 Economies of Scale, Imperfect Competition, and International Trade 138
7 Economic Growth and International Trade 166
Part 2 International Trade Policy
8 Trade Restrictions: Tariffs 195
9 Nontariff Trade Barriers and the New Protectionism 226
10 Economic Integration: Customs Unions and Free Trade Areas 262
11 International Trade and Economic Development 289
12 International Resource Movements and Multinational Corporations 319
Part 3 The Balance of Payments, Foreign Exchange Markets, and Exchange Rates
13 Balance of Payments 347
14 Foreign Exchange Markets and Exchange Rates 366
15 Exchange Rate Determination 401
Part 4 Open-Economy Macroeconomics and the International Monetary System
16 The Price Adjustment Mechanism with Flexible and Fixed Exchange Rates 437
17 The Income Adjustment Mechanism and Synthesis of Automatic Adjustments 464
18 Open-Economy Macroeconomics: Adjustment Policies 491
19 Prices and Output in an Open Economy: Aggregate Demand and Aggregate Supply 528
20 Flexible versus Fixed Exchange Rates, the European Monetary System, and Macroeconomic Policy Coordination 552
21 The International Monetary System: Past, Present, and Future 586
Answers to Selected Problems
Glossary of Key Terms G-1
Name Index I-1
Subject Index I-5
