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Knowledge, Growth and Patterns of Trade

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  • Zhang, Wei-Bin

Abstract

The purpose of this study is to develop a dynamic economic framework of international trade. We propose a compact framework to deal with the complexity of dynamic interactions between consumer preferences, economic structures, the endogenous accumulation of capital and knowledge, and international trade. As an illustration, we describe in an example the dynamics of a world economy with one sector and two countries. It is shown that even in this simplified case the model may exhibit either a unique equilibrium or multiple equilibria and each equilibrium may be either stable or unstable, depending on the characteristics of the knowledge creation and utilization in the two countries. It is shown that free trade may either benefit or harm the world economy in the long term. Our framework is compared with the traditional literature on trade theory and we point out a few possible directions for further development.

Suggested Citation

  • Zhang, Wei-Bin, 1994. "Knowledge, Growth and Patterns of Trade," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 28(3), pages 285-303, September.
    • Handle: RePEc:spr:anresc:v:28:y:1994:i:3:p:285-303
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    Cited by:

    1. Wei-Bin Zhang, 2017. "Business Cycles with Spirit of Capitalism and Conspicuous Consumption in a Multi-Country Growth Model," International Business Research, Canadian Center of Science and Education, vol. 10(8), pages 58-71, August.
    2. Gocke, Matthias, 2002. "Leisure versus learning-by-doing -- saturation effects and utility-side limits to endogenous growth," Economic Modelling, Elsevier, vol. 19(4), pages 585-609, August.
    3. Christian Wichmann Matthiessen & Annette Winkel Schwarz & Søren Find, 2002. "The Top-level Global Research System, 1997-99: Centres, Networks and Nodality. An Analysis Based on Bibliometric Indicators," Urban Studies, Urban Studies Journal Limited, vol. 39(5-6), pages 903-927, May.
    4. Christian n Wichmann Matthiessen & Annette Winkel Schwarz, 1999. "Scientific Centres in Europe: An Analysis of Research Strength and Patterns of Specialisation Based on Bibliometric Indicators," Urban Studies, Urban Studies Journal Limited, vol. 36(3), pages 453-477, March.
    5. Ben Fine, 1998. "Endogenous Growth Theory: A Critical Assessment," Working Papers 80, Department of Economics, SOAS University of London, UK.
    6. Sonali Deraniyagala & Ben Fine, 2000. "New Trade Theory Versus Old Trade Policy: A Continuing Enigma," Working Papers 102, Department of Economics, SOAS University of London, UK.

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