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On the Value of Small-scale GE Models

In: International Trade Theory and Competitive Models Features, Values, and Criticisms

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  • Ronald W. Jones

Abstract

The field of international economics has made frequent use of general equilibrium models in order to investigate the nature of those possible comparative static equilibrium solutions that seem somewhat paradoxica1. Frequently the analysis is done for settings in which the number of commodities, countries, and/or factors of production is assumed to be rather small. For example, the Classic Ricardian model making use of the concept of comparative advantage based on comparisons of efficient ratios of country productivities has solutions that hold for any number of countries or commodities. A number of different issues, such as stability conditions and the transfer problem, are discussed in which surprising equilibrium outcomes possible in a general situation can be understood more easily in a small-scale setting.

Suggested Citation

  • Ronald W. Jones, 2018. "On the Value of Small-scale GE Models," World Scientific Book Chapters, in: International Trade Theory and Competitive Models Features, Values, and Criticisms, chapter 18, pages 297-318, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813200678_0018
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    Cited by:

    1. Yano, Makoto, 2021. "Professor Ronald W. Jones and his influence on Asia Pacific economics," Journal of Asian Economics, Elsevier, vol. 77(C).

    More about this item

    Keywords

    International Trade Theory; Models; Competitive Markets;
    All these keywords.

    JEL classification:

    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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