Disequilibrium Trade Theories

MOTOSHIGE ITOH and TAKASHI NEGISHI

University of Tokyo, Japan

INTRODUCTION

All happy families resemble one another, but each unhappy family is unhappy in its own way (Tolstoy). Equilibrium international trade theory belongs to a very homogeneous system of equilibrium economic theories developed by happy neo-classical economists who believe in the smooth functioning of the price mechanism in a free market society. Disequilibrium international trade theories are, however, quite heterogeneous, depending on related or corresponding different anti-neo-classical economic theories insisted on by unhappy economists who do not believe in the functioning of the price mechanism.

Among such anti-neo-classical theories, two theories ...

Get Disequilibrium Trade Theories now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.