A collection of essays on contemporary international trade, this text critiques the major theoretical components; including the Ricardian principle of comparative advantage and the developed normative analysis of international transfers

The paper presents a general equilibrium model of a pure exchange economy with stochastic endowment in which speculation is profitable and stabilizes prices, but is useless from a welfare point of view. Reconciling the Siegel paradox with the theory of incomplete markets we show that banning...

It has recently been suggested by several authors that a Cournot-Nash free-trade equilibrium might leave each country worse off than under autarky, in apparent contradiction of earlier findings. In the present note it is shown that the suggestion is typically based on self-contradictory...