In a world characterized by global competitive market conditions, technological improvements initially localized in one sector of one country cause real income changes at home and abroad, sometimes in paradoxical fashion. A foreign technological advance in the production of a commodity not...

A domestic firm is partially dependent on a foreign vertically integrated supplier for a key intermediate product when both firms are Cournot competitors in the market for the final product. The foreign supplier generally charges its domestic rival a price for the input that exceeds the...

This book offers a comprehensive and insightful reflection on David Ricardo’s ingenious theory of international trade. Divided into three parts, Part I presents the “birthday boy”, his concept and the many applications and insights that have been derived from it, particularly in modern...