Broadening Trade Theory: Incorporating Market Realities Into Traditional Models
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A01=James R Markusen
Author_James R Markusen
Category=KCA
Category=KCLT
Complements
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Externalities
Foreign Affiliates
Horizontal Multinationals
Income Elasticity of Demand
Internalization
Missing Trade Puzzle
Multinational Firms
Non-homothetic Preferences
Outsourcing
Per-Capita Income
Pro-competitive Gains From Trade
Skill Premium Puzzle
Vertical Integration
Vertical Multinationals
Product details
- ISBN 9789811222955
- Publication Date: 10 Mar 2021
- Publisher: World Scientific Publishing Co Pte Ltd
- Publication City/Country: SG
- Product Form: Hardback
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This volume is a collection of the author's past and recent research. It concentrates on some topics that continue to be neglected in mainstream trade theory, but which have grown in empirical relevance as the decades have passed and allow us to broaden our world view. These include adding multinational firms and a major role for the demand side of general equilibrium to our conventional portfolio of models.Part I in the volume focuses on multinational firms and the incorporation of endogenous location and ownership choices into general-equilibrium trade models. A particular emphasis, repeatedly confirmed in empirical studies, is on horizontal firms that replicate activities across borders. Two chapters on the vertical integration versus outsourcing decision reveal the non-excludable property of knowledge-based assets.Part II focuses on the demand side of general equilibrium, arguing and showing empirically that non-homothetic preferences, which give an important role to per capita income, help explain many of the empirical puzzles that trade economists keep trying to explain only from the production side of general equilibrium.Part III is eclectic, but the chapters in this section share the common thread of showing how distortions and allowing trade in factors of production both modify traditional policy ideas and also create additional sources of gains from trade.
