Rethinking international trade

Rudiger von Arnim ()

Chapter 15 in A Modern Guide to Rethinking Economics, 2017, pp 285-301 from Edward Elgar Publishing

Abstract: Post-Keynesian economics (mostly) focuses on macroeconomic phenomena, whereas theories of international trade are geared towards microeconomics. The crucial dividing line is Say’s Law: standard trade theory concerns the cross-country exchange of goods and services on the assumption of full employment. In contrast, post-Keynesian analysis of cross-border activity builds on the assumption that demand is the binding constraint. This chapter reviews these themes from a critical point of view, by first broadly surveying mainstream trade theories, and second contrasting these with post-Keynesian ideas.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2017
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