The paper examines three popular models that form the foundation of modern economics. The author concludes that two of the three, the classical and the Keynesian, are seriously deficient in logic, whereas the third, dealing with gains from trade, is partially lacking in logic. Classical and...

This paper argues that not a single proposition of the modern theory of free trade is upheld by the recent experience of the United States. Freer trade is supposed to raise GNP growth and productivity growth as well as the living standard. Until 1972, when the U.S. was practically a closed...

This paper develops a two-sector general equilibrium model to examine the impact of technical progress, factor accumulation, labor growth, unemployment, trade policy, and the government's antipoverty programs on the rate of poverty. The results are then tested empirically using the data...