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Consumer Optimum in Open Economy

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  • Michał Kruszka

Abstract

The modern market economy is characterized by a considerable openness to international exchange, this finding expression in the on-going globalization process. Apart from its unquestionable macroeconomic importance, this development also finds its strong reflection in changes in the position of individual participants in the economic life. The main objective of the paper was to present the impact of international trade on the evolution of the consumer optimum. To this end, the classical microeconomic model was used, appropriately modified to show the effects of both the opening of the economic system and the changes in terms of trade. Conclusions drawn from the presented conceptions clearly show that a liberal approach to world trade contributes to improvement in the position of the majority of buyers. At the same time, a global price system, advantageous to all the participants in the international trade, can develop.

Suggested Citation

  • Michał Kruszka, 2002. "Consumer Optimum in Open Economy," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 8.
    • Handle: RePEc:eko:ekoeko:8_102
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    File URL: http://ekonomia.wne.uw.edu.pl/ekonomia/getFile/488
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    References listed on IDEAS

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    1. Shira B. Lewin, 1996. "Economics and Psychology: Lessons for Our Own Day from the Early Twentieth Century," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1293-1323, September.
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