IDEAS home Printed from https://ideas.repec.org/a/wsi/gjexxx/v02y2013i01ns2251361213500043.html
   My bibliography  Save this article

Normative Trade Theory In A Context Of Overlapping Generations And Inter-Generational Bequests

Author

Listed:
  • MURRAY C. KEMP

    (University of New South Wales, Sydney 2052, Australia)

  • GEOFFREY FISHBURN

    (School of Social Sciences, University of New South Wales, Sydney 2052, Australia)

Abstract

The core normative propositions of the theory of international trade have been established in the context of finite competitive economies of the Walras–Arrow–Debreu–McKenzie (WADM) type. Whether the propositions survive the recognition that economies might last for ever, with overlapping generations (OLGs) of mortal individuals and intergenerational bequests, is still unknown. In the present paper it is shown that none of the core propositions survives the recognition of inter-generational bequests but that, under a simple (but non-trivial) additional assumption, each of the core propositions is compatible both with OLGs and with inter-generational bequests.

Suggested Citation

  • Murray C. Kemp & Geoffrey Fishburn, 2013. "Normative Trade Theory In A Context Of Overlapping Generations And Inter-Generational Bequests," Global Journal of Economics (GJE), World Scientific Publishing Co. Pte. Ltd., vol. 2(01), pages 1-7.
    • Handle: RePEc:wsi:gjexxx:v:02:y:2013:i:01:n:s2251361213500043
    DOI: 10.1142/S2251361213500043
    as

    Download full text from publisher

    File URL: http://www.worldscientific.com/doi/abs/10.1142/S2251361213500043
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://libkey.io/10.1142/S2251361213500043?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tran-Nam, Binh, 2016. "A critical review of the normative theory of international trade," International Journal of Development and Conflict, Gokhale Institute of Politics and Economics, vol. 6(1), pages 25-46.

    More about this item

    Keywords

    International trade normative propositions; overlapping generations; bequests; non-finite economies; JEL Classifications: F11; JEL Classifications: F13; JEL Classifications: H41;
    All these keywords.

    JEL classification:

    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:gjexxx:v:02:y:2013:i:01:n:s2251361213500043. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscinet.com/gje/gje.shtml .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.