The greatest strength of this thoroughly revised and expanded edition of Lectures on International Trade is its rigorous algebraic and geometric treatment of the various models and results of trade theory. The authors, who now include Arvind Panagariya, offer both policy insights and empirical...

Economists measure the economy-wide cost of protection in terms of static efficiency, growth rates and firm- or industry-level productivity. The earlier literature was devoted almost exclusively to the measurement of static welfare effects. But the recent proliferation of cross-country...