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Full-Text Articles in Social and Behavioral Sciences
Exchange Control, Liberalization, And Economic Development, Jagdish N. Bhagwati, Anne O. Krueger
Exchange Control, Liberalization, And Economic Development, Jagdish N. Bhagwati, Anne O. Krueger
Faculty Scholarship
This paper highlights results of the National Bureau of Economic Research's (NBER) research project on exchange control, liberalization and economic development from 1970-1973. Initial adoption of exchange controls was generally an ad hoc response to external events. The optimal resource allocation dictum – that the marginal cost of earning foreign exchange should be equated with the marginal cost of saving foreign exchange – was generally abandoned in favor of saving foreign exchange at all costs. An export-oriented development strategy generally entails relatively greater use of indirect, rather than direct, interventions. There is considerable evidence from the individual country studies that …
General Equilibrium Theory And International Trade, Jagdish N. Bhagwati
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 …