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Rethinking international trade

In: A Modern Guide to Rethinking Economics

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  • Rudiger von Arnim

Abstract

Post-Keynesian economics (mostly) focuses on macroeconomic phenomena, whereas theories of international trade are geared towards microeconomics. The crucial dividing line is Say’s Law: standard trade theory concerns the cross-country exchange of goods and services on the assumption of full employment. In contrast, post-Keynesian analysis of cross-border activity builds on the assumption that demand is the binding constraint. This chapter reviews these themes from a critical point of view, by first broadly surveying mainstream trade theories, and second contrasting these with post-Keynesian ideas.

Suggested Citation

  • Rudiger von Arnim, 2017. "Rethinking international trade," Chapters, in: Louis-Philippe Rochon & Sergio Rossi (ed.), A Modern Guide to Rethinking Economics, chapter 15, pages 285-301, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16503_15
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    Keywords

    Economics and Finance;

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