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International trade

Columbia Law School

1973

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General Equilibrium Theory And International Trade, Jagdish N. Bhagwati Jan 1973

General Equilibrium Theory And International Trade, Jagdish N. Bhagwati

Faculty Scholarship

This volume of Takashi Negishi's excellent essays in the theory of international trade underlines two major phenomena in this field: i) the displacement of the MarshalJian partialequilibriμm tools of analysis (now to be found only in the old-fashioned textbooks) by the general-equilibrium analysis of Mill, Marshan and Edgeworth which culminated in the major work of Meade and others; and ii) the emergence of a creative and ingenious school of Japanese international trade theorists in the last decade (of which Negishi is one of the more eminent members) which has virtually shifted the center of gravity in trade-theoretic research from England …