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New trade theory (NTT) is a collection of economic models in international trade theory which focuses on the role of increasing returns to scale and network effects, which were originally developed in the late 1970s and early 1980s.
Krugman's International Economics: Theory and Policy, co-authored with Maurice Obstfeld, is a standard undergraduate textbook on international economics. [42] He is also co-author, with Robin Wells, of an undergraduate economics text which he says was strongly inspired by the first edition of Paul Samuelson's classic textbook. [43]
The home market effect was first proposed by Corden [3] and was developed by Paul Krugman in a 1980 article. [4] Krugman sought to provide an alternative to the Linder hypothesis. Based on recent research, the home market effect confirms Linder's sentiment that a nation's demand is a predicate for its exports, but does not support Linder's ...
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.
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.
The economics of international finance does not differ in principle from the economics of international trade, but there are significant differences of emphasis. The practice of international finance tends to involve greater uncertainties and risks because the assets that are traded are claims to flows of returns that often extend many years ...
Krugman uses the liquidity trap in 1990s Japan to signal the return of depression economics. Krugman suggests that despite Japan being the second largest economy at the time, and a creditor nation, financial liberalisation, and deregulation in the 1980s led to deflation and a recession. Krugman identifies the stagnant growth in money supply as ...
Shift of the world's economic center of gravity since 1980 and projected until 2050 [1]. The gravity model of international trade in international economics is a model that, in its traditional form, predicts bilateral trade flows based on the economic sizes and distance between two units. [2]